More than 70% of home buyers wish to lodge a complaint under RERA Act for possession delays, says the survey.

By Abhay Harish Shah, Realty Quarter

According to the survey conducted by Magicbricks, there will be more than 2/3rd of the complaint by home-buyers against the developer with a real estate regulator under the new RERA Act for any delay in possession of their apartment.

RERA rules have already been notified by 22 States and 6 union territories. West Bengal is the only state with its own real estate law called WBHIRA. In the event of a delay in ownership, “72% of home buyers wish to lodge a RERA complaint, while approximately 19% wish to seek a refund and only 10% want to wait for the possession if the project is postponed” says the portal.

RERA has created confidence for buyers to invest in under-construction real estate projects and has also improved industry feelings, says Magicbricks. It emphasized that the amount of projects and agents registered in each country is increasing, thereby creating a transparent ecosystem for stakeholders.

However, there were instances in which the builders did not respect RERA instructions and officials had to impose penalties for delays in ownership. “There are still numerous gaps in the execution of the RERA, as buyers are still facing many problems relating to filing complaints, getting possession on time and penalties for delays. RERA regulators need a mechanism to correct problems promptly so consumers lost trust in the industry is restored,” the declaration says.