Homebuyers’ body FPCE on Wednesday said real estate regulatory authorities in states have failed to properly implement realty law RERA and pointed out that an estimated 27.6 lakh homebuyers are stuck with delayed projects across the country.
On the completion of ten years of the Real Estate (Regulation and Development) Act, 2016 (RERA), the Forum For People’s Collective Efforts (FPCE) has come out with a 192-page report ‘RERA Extension Abuse: How Regulatory Failure Is Betraying India’s Homebuyers’.
Parliament enacted the Act to regulate the contractual relationship between homebuyers and promoters. The RERA aims to ensure transparency and accountability in the real estate sector, thereby protecting the interests of homebuyers.
In its report, FPCE President Abhay Upadhyay said, “RERA has not failed as a statute. Its enforcement has. And when enforcement weakens, even the strongest law fails in practice.”
Based on Ministry of Housing and Urban Affairs’ RERA Tracker data (March 2, 202
Read more at the source
Disclaimer: The content of this post is sourced from external sites and is for informational purposes only. All rights and credits belong to the original authors and publishers.