The realty sector is a key and one of the fastest growing sectors in India. This real estate sector is growing at a rapid pace, and within next few decades, it is expected to witness a solid hike of about 30 percent or maybe more. This real estate sector is diluted from head to toe, and undoubtedly it is one of the most corrupt sectors in India. Black money transactions, fraud sales, inappropriate promises and not abiding by the guidelines, false documentation and paper works are the major drawbacks of this Indian real estate market.
Haryana is one of the fastest developing states of India with a growing real estate market and rich agricultural background. The state government of Haryana has come up with a slight modification in Regulation and Development Act by implementing Rera. This move of the government is not positively accepted by its citizen and the government is also facing a lot of criticism for the same.
The buyers are unhappy with this dilution in the Regulation and Development Act and they are blaming the government for favoring the developers. Over 300 objections were submitted to the government to abolish this new rule. And when they didn’t get any acceptable answer from the concerned authorities then the homebuyers of 20 unfinished projects gathered in a park and performed a “havan” seeking help from the divine power.
This newly introduced draft excludes projects which have received completion or occupation certificates, and this has created the biggest doubts in the mind of buyers.
Mridul Babar who has booked a flat in Adani Oysters Grande was quoted as saying- “We have submitted our objections to the draft rule. Now we’re reaching out to the Almighty for help.” Another investor who invested in Dwarka expressway was quoted as saying “Several Projects in Gurgaon are delayed and in many cases work on the site has stopped.” He has demanded a stronger RERA to clear this ongoing mess.
Homebuyers are not at all satisfied with this move of the government, and they are demanding the government to trace the track records of developers and set some proper guidelines and force them to work under those given guidelines. They urged for amendment in rules and asked the concerned authorities to keep an eye on the developers.
Under the current rule of the state, the developers are needed to provide detailed information on their last 5 years launch projects and the government has to monitor them and then only the certification has to be issued. This rule is not practiced up to the mark, and there is corruption in allocating tenders, and the real estate developers are benefitting by this. The state development and Regulation Act needs some serious reforms, and this minor alteration is only helping developers.
It will be important to see what steps government takes in order to ensure security in the mind of buyers who are at the moment a bit anxious with this diluted Rera.
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