RERA relief for property buyers: Experts hail act for protecting consumers

RERA has completed 2 years since inception and industry insiders have expressed satisfaction over the regulatory regime, especially when it comes to protecting homebuyers' rights.

RERA accompanied by reduced GST rates have given a tremendous boost to homebuyer sentiment, bringing back the consumer confidence and trust factor which the industry lacked. Photo: Pixabay

RERA or Real Estate Regulatory Authority has completed two years since inception and the industry insiders have expressed satisfaction over the regulatory regime, especially when it comes to protecting homebuyers' rights. The real estate experts are of the opinion that RERA has played a massive role in educating consumers and protecting their rights. RERA accompanied by reduced GST rates has given a tremendous boost to the buyer sentiment, bringing back the consumer confidence and trust factor which the industry lacked in pre-RERA period.

Pointing out the benefits that a consumer got post-RERA, Rahul Grover, President sales and operations at Sai Estate Consultants said, "There are ample reasons to celebrate the second year anniversary of the much needed RERA, the implementation of which was envisaged to bring in transparency in the industry, has definitely achieved what it was set out for. The act has played a massive role in educating consumers and protecting their rights." Rahul Grover said that Maharashtra has implemented RERA in its true sense, RERA accompanied by reduced GST rates have given a tremendous boost to the buyer segment, which helped in bringing back consumer confidence and trust factor which the industry lacked.

Rahul Grover added, "Developers today are committed more than ever on the delivery of the projects; it has also brought discipline in the usage of funds. All in all, RERA has brought in some positive changes amongst the industry along with increased accountability, transparency and efficiency. We would also like to congratulate the Maha RERA Chairperson Gautam Chatterjee for all the efforts he and his team have taken to uphold RERA and provide swift justice to all aggrieved home buyers."

Speaking on what RERA has brought for the real estate consumers i.e. homebuyers, Gulam Zia, Executive Director — Retail and Hospitality, Knight Frank India told Zee Business online, "In the years pre-dating RERA, customer grievances were addressed in the courts, for which buyers were usually neither capable nor had the sustenance for long-drawn cases. RERA has definitely eased life for them."

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