siliconindia | | December 20175 13 FIRs were filled against few topnotch builders in Noida by the UP government for allegedly cheating their flat buyers and diverting funds to their other projects. This would surely be a substance of treat for those builders who have for decades taken the rights of the flat buyers on a long long ride. Though commitment is a big word in the world of business, it has time and again been noted that several builders fail to keep their promise and even play agnostic towards the terms of the deed. But with the UP government rising to the case and the Modi government acting on brining around 80,000 registered builders in India under the perview of RERA Act will ensure that there is a level-playing field between both stakeholders, which was one sided till date. While the stringent clauses of the act will curb the siphoning-off of a particular project's funds for land acquisition, rampant construction delays and ban the practice of pre-launches, the act also brings under its ambit the ongoing projects that have so far not received the occupation certificate. The act will further bring more transparency into the picture which was rather lacking when it came to consumers. But with RERA, the allottees will be informed about any minor addition or alteration, and a builder can only make an addition or alteration post approval from two-third of the allottees. The act will further increase the quality of the construction due to a defect liability period of five years, which many builders wash their hands off with currently providing a year of defect liability period. Post implementation of the act, the promoters will be required to make periodic submissions to the regulator regarding the progress of the projects on the RERA website, which will definitely enable home buyers to monitor the progress of the project on near real-time. With several other aspects of the act, RERA will surely play a pivotal role in cleansing the real estate sector of being termed as the magnet that attracts back money. The increasing transparency will attract more buyers and will levy huge reponsibilities on both parties to keep things sorted and for better. There won't be any further stories of customers being cheated or the project delivery been delayed. We will surely see the industry growing tremendously and major big developers/builders will turn the game in favour of all. Do let us know what you think! Anamika SahuManaging Editoreditor@siliconindia.comEditorialTime for the Real Estate Industry to Retrospect Itself
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