RERA Failed Home Buyers: Forum for People’s Collective Efforts

The Forum for People’s Collective Efforts (FPCE), a group that campaigned for the enactment of the Real Estate (Regulation and Development) Act, said the regulation has failed to meet the expectations of scores of homebuyers whose investments were stuck in ongoing hou

BY Realty Plus
Published - Wednesday, 09 Jun, 2021

RERA Failed Home Buyers: Forum for People’s Collective Efforts

The Forum for People’s Collective Efforts (FPCE), a group that campaigned for the enactment of the Real Estate (Regulation and Development) Act, said the regulation has failed to meet the expectations of scores of homebuyers whose investments were stuck in ongoing housing projects. Enacted five years ago, RERA covered both new projects and all those that were under construction, also known as “ongoing” projects. FPCE said less 10% of the ongoing projects have been completed since the law was enacted. “Not even 10% of the ongoing projects which were covered under the law have been completed even after five years of the law being implemented,” FPCE president Abhay Upadhyay said. “The government should also bring out a whitepaper on how many projects launched after the RERA came into existence have been completed within the given timeline. What is the average time of delay in the completion of such projects? Getting extension for completion of the project is not the birthright of builders,” Upadhyay said. The Forum for People’s Collective Efforts (FPCE), a group that campaigned for the enactment of the Real Estate (Regulation and Development) Act, said the regulation has failed to meet the expectations of scores of homebuyers whose investments were stuck in ongoing housing projects. Enacted five years ago, RERA covered both new projects and all those that were under construction, also known as “ongoing” projects. FPCE said less 10% of the ongoing projects have been completed since the law was enacted. “Not even 10% of the ongoing projects which were covered under the law have been completed even after five years of the law being implemented,” FPCE president Abhay Upadhyay said. The Forum also raised questions about the authorities experimenting with new ideas, which are out of the legal framework of the law, instead of focus on bringing relief to homebuyers. It said, “It’s good progress so far as registration of 65,000 projects and disposal of 64,000 cases are concerned. But now there is a need to do more to bring relief to homebuyers, which is enshrined in the law.”