RERA emboldening consumers to lodge complaints against builders delaying them from possession of homes
Emboldened by new laws, around 72 percent of home buyers in India would like to file a complaint against a developer in case of a delay in possession, according to a survey by property portal Magicbricks, per PTI.
About 19 percent of respondents would like to ask for a refund, with only 10 percent willing to wait for possession if the project gets delayed.
The Real Estate Development and Regulation Act (RERA), introduced in 2017, has instilled confidence in buyers to invest in under-construction real estate projects due to protections afforded them, researchers with Magicbricks said.
Under RERA rules, builders who delay possession of a home within a specified period of time are obliged to recompense buyers for the entire sum of the property on top of interest.
Buyers who have not been given possession of their homes after five years are also entitled to yearly tax deductions.
However, there are still many gaps in the implementation of RERA as buyers still face many issues related to filing complaints, getting possession on time, and penalties for delays, Magicbricks noted. “RERA regulators need to have a mechanism for timely redressal of issues so the lost confidence of consumers is restored in the sector.”
With the exception of West Bengal, all Indian states and union territories are subject to RERA rules. Twenty-two states and six union territories have already notified RERA rules to date.
PropertyGuru Thailand Property Awards continues long CSR history with Right To Play and the Mini Heart Project
The event’s official charity partner aims to foster Thailand’s young talents and will organise a joint CSR initiative at the end of 2019
7th PropertyGuru Philippines Property Awards reveals strong and varied shortlist for 2019 edition
Solid representation from urban and and regional real estate companies
Vietnam’s most vibrant architecture practices
The country's architecture scene is steadily catching up to Asian powerhouses—and the world is watching
Cambodia’s farewell to Everything But Arms
With the impending loss of EU tariff benefits, the growing economy may find itself derailed, with implications for the property sector