Following the Supreme Court ruling which upheld the recent verdict passed by the Allahabad High Court that sought to put a curb on the land acquisition process in Greater Noida, the real estate sector here is facing a gloomy situation. The verdict has affected both builders and consumers and now both are at loggerheads.
According to real estate analysts had there been a real estate regulator the condition of the consumers would have been less miserable than what it is now. In fact people have been demanding for a special Act to protect investors in real estate for the last seven years. The existence of a real estate regulator would have ensured protection to the consumer from both the vagaries of builders as well as government callousness. Five years back the RERA (Real Estate Regulatory Authority) Bill was formulated to address this problem but the same has been lying with the centre since then although the first draft was circulated amongst the public seeking their views.
The RERA bill has a clear definition about the responsibility of builders or promoters towards consumers. The bill contains different sections which addresses issues like real estate advertisements, advance payments against apartments, receiving payments during construction etc. Had the RERA bill been legislated it would have averted a lot of problems faced by real estate consumers today.
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