Browsing: Failures of RERA

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7 years of RERA; 7 unaddressed questions

It was conceptualised to clean the opaque ecosystem of Indian real estate; was touted to be the biggest reform of the sector; and expected to enhance the home buyers’ confidence index. But seven long years after the enactment of the Real Estate Regulatory Authority (RERA), it has still not evolved as a stamp of trust for the harassed home buyers. RERA’s tryst with trial & error has not only dented the confidence of the home buyers but also lent credence to the perception that complaint with RERA rather gives an edge to the builders. After all, RERA has been relegated to be the balancing act for both the builder and the buyer. A Track2Realty analysis.

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Home buyers’ satisfaction index still low after 7 years of RERA: Survey

As RERA (Real Estate Regulatory Authority) is close to its 7 years of completion, the home buyers across the nation have more to complain than compliment with what was supposed to be a game changer legislation. The buyers rather question as to RERA has been enacted to serve whose purpose. Most of the home buyers across India’s top 10 cities point out that the ground realities have not changed for them. A vast majority of them feel it has opened another window of litigation and thus hurts than helps the buyers. Issues range from lack of transparency to accountability, and existing market realities to consumer interface.