RERA Must Solve These 7 Problems to Better Safeguard House Buyers!
The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to protect home buyers and ensure transparency in the real estate sector. However, there are several issues that RERA must address to better protect home buyers. In this article, we will discuss seven such issues.
Timely Delivery of Projects:
One of the most significant issues facing home buyers is the delay in the delivery of projects. RERA must ensure that builders complete their projects on time, failing which they must face penalties.
Accountability of Builders:
RERA must ensure that builders are held accountable for their actions. Builders who violate RERA regulations must face strict penalties, including the cancellation of their registration.
Transparency in Pricing:
Home buyers often face pricing discrepancies in the real estate sector. RERA must ensure that builders follow transparent pricing policies, and that home buyers are not charged exorbitant prices.
Protection of Home Buyers’ Interests:
RERA must ensure that home buyers’ interests are protected. Builders must provide all relevant information about their projects to home buyers, and any changes made to the project plan must be communicated to them.
Grievance Redressal Mechanism:
RERA must establish a robust grievance redressal mechanism. Home buyers who face issues with their projects must have a platform to voice their concerns and seek redressal.
Standardisation of Contracts:
RERA must ensure that there is standardization in contracts between builders and home buyers. Standardized contracts will help prevent disputes and protect home buyers’ interests.
Enforcement of RERA Regulations:
Finally, RERA must enforce its regulations effectively. Builders who violate RERA regulations must face strict penalties, and home buyers must be protected from any misconduct or fraudulent practices.
In conclusion, RERA has made significant strides in protecting home buyers and ensuring transparency in the real estate sector. However, there are several issues that RERA must address to better protect home buyers. Timely delivery of projects, accountability of builders, transparency in pricing, protection of home buyers’ interests, a robust grievance redressal mechanism, standardization of contracts, and effective enforcement of regulations are some of the critical issues that RERA must address. With the implementation of these measures, RERA can better protect home buyers and ensure a fair and transparent real estate sector.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
