NEW DELHI: The real estate regulation law, RERA, has failed to meet the expectation of scores of homebuyers whose investment were stuck in ongoing projects when the law was enacted, said the homebuyers organization that led the campaign of enactment of the law.
The RERA enacted five years back covered both new projects and all others that were under construction, also known as “ongoing” projects.
President of Forum for People’s Collective Efforts (FPCE) Abhay Upadhyay said, “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.
The RERA aimed at bringing relief to those whose money was stuck in ongoing projects.” FPCE, an umbrella body of homebuyers recently won a case against the West Bengal government which had notified its real estate law, HIRA, in contravention of the Central Act.
The Supreme Court had termed the West Bengal law unconstitutional.
“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 while addressing a virtual conference on the five years of RERA.
He also raised questions about the RERA authorities toying with new ideas, which are out of the legal framework of the law, rather than focus on bringing relief to homebuyers.
Upadhyay 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,” Upadhyay said.
He alleged that the government authorities get “out of box ideas” when it comes to providing relief or comfort to the builders.
The organisation said they had opposed the housing ministry’s move last year to extend timelines for ongoing projects due to Covid.