While RERA (Real Estate Regulatory Act) has been implemented from 1st May, 2017, some homebuyers are having positive view towards it but on the other hand, many are completely oblivious to the advantages they will be able to enjoy from RERA.
As per the central government, every state is supposed to notify the rules and maintain a regulatory authority to handle the vast realty sector. RERA will take strict penal actions against all the builders or developers who will keep up to their promises.
Some homebuyers are skeptic about the implementation of RERA. They think that it will take a long time to come into full force and provide solutions.
But some on the other hand some homebuyers seem to be hopeful and are expecting good results. They believe that at least now the developers will not be able to take homebuyers for granted or dupe them.
The sad part is that the farmers have also been fighting the case against the Real Estate Developers in Noida since 2012. This is because Real Estate Developers in Noida have collected money from the homebuyers for land which is not cleared and approved by the authorities. 90% of the developers have not paid money to Noida Authority after taking payments from the homebuyers.
Farmers like him feel that RERA will actually bring change in the real estate sector as it will constantly keep the builders under pressure to not make any kind of delay or they will have to pay penalties.