Homebuyers’ Satisfaction Index Is Low- Homebuyers believe that the consumer courts are more effective than the RERA. Almost seven years after it was passed, the Real Estate Regulatory Authority (RERA) has left homeowners all over the country with more grievances than compliments on what was meant to be a revolutionary law.
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According to the results of a pan-India poll conducted by the real estate think tank group Track2Realty, the majority of purchasers in India’s top 10 cities note that their situation has not changed. The overwhelming majority believes it damages buyers and has created another avenue for litigation. Their problems span the gamut from user interface to market reality, accountability, and lack of transparency.
In order to determine if the RERA has lessened consumers’ suffering in the housing market, the poll went further into the consumer psychograph. Delhi, Noida-Greater, Noida, Gurugram, Mumbai, Pune, Ahmedabad, Kolkata, Bengaluru, Chennai, & Hyderabad were among the places it was held.
Homebuyers believe that options from RERA-registered projects are not well-informed
The poll indicates that homebuyers’ satisfaction with RERA is as low as 26%, and over 70% of them reported having had unsatisfactory experiences with the Indian housing market following the legislation’s adoption. Regarding transparency, seventy percent of buyers believe that pre-RERA under-construction projects still provide them with greater information than RERA registered projects.
Another survey indicates similar opinions
Found similar sentiments in another survey. According to survey, 60% of purchasers believe that builders’ exaggerated claims are still commonplace. At least 78% of purchasers reject the idea that the RERA regulation will provide prompt justice. Just 48% of purchasers report that projects are now completed on schedule. Approximately 55% of purchasers believe that transparency has not increased. More than half, or precisely 52%, believe that builders still hold the power to set terms.
Time & cost of litigation has shot up
The Track2Realty survey results are less optimistic. Nearly eight out of ten buyers report that the time and expense of litigation has increased, and 78% of them affirm this. Up to 88% of buyers find it confusing that RERA is extending to home projects. At least 90% of buyers have reported that the execution of RERA orders against the builders is a source of hardship for almost all of them.
A minimum of 92% of purchasers inquire about the lack of a standard Builder Buyer Agreement (BBA). 78% of customers, the great majority, received their BBA after making their initial payment. In the event of an unfair BBA, the builder has the upper hand when it comes to booking cancellations; according to 84% of respondents, builders demand that 10–20% of the sales consideration—rather than merely the money paid—be forfeited.
RERA is essentially an additional avenue for drawn-out legal disputes that work to the builder’s advantage. Aside from legal issues, one area in which RERA falls short of its fundamental goal is in controlling builders who persistently force purchasers into deceptive contracts. Initially, you receive BBA only after paying the advance under the booking amount; later, you discover that the contract is arbitrary and that your booking amount will be lost if you challenge it. We middle-class homeowners lack the power to engage in drawn-out and expensive legal battles if RERA is unable to take preventative measures. RERA is not a single topic of contention in court.
RERA is frequently too late in the case of builders’ malpractices
The goal of RERA was to end unfair market practices. But in the occasion that builders commit malpractice, the watchdog seldom acts proactively and frequently reacts too late. Eighty percent predict that when builders begin pre-launch sales, RERA will become the primary concern. Builders continue to market and sell Super Built-Up Area rather than Carpet Area, according to at least 86% of complaints.
According to the report, 92% of consumers in the Noida-Greater Noida market are the most dissatisfied with RERA. Ahmedabad has the lowest percentage of customers who express dissatisfaction with RERA, with only 32% believing that it is ineffectual in resolving issues.
How does RERA identify the issues of contention for homebuyers if you have to run from pillar to post in order to obtain justice under the law and then wait impassively for its order to be carried out? The truth is that the corresponding District Magistrates take years to carry out RERA orders. Furthermore, even in the event that it is carried out, the builder sues the buyers again. What RERA has accomplished to either increase transparency in the housing market or give buyers more confidence is the matter at hand.
RERA is regarded to be having a soft approach towards builders
Members of RERA around the nation may be concerned about this because it appears to be taking a lenient stance towards builders. Approximately seven out of ten, or 68%, firmly feel that RERA has not been strict enough with the builders who have made mistakes. People believe that RERA simply imposes a minimal penalty of MCLR (Marginal Cost of Lending Rate) plus 1% in an effort to provide equal treatment for all parties, rather than issuing orders as severe as consumer courts.
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RERA improved accountability and transparency norms
In the world of branded and structured developers, optimism is prevalent. They are the ones who established the industry’s best practices, after all. The completion of seven years of RERA is a noteworthy milestone in the real estate industry, demonstrating the efficacy of the law in bringing about concrete improvements on the ground. In addition to completely changing the way business is done, this historic law has raised the bar for accountability and transparency.
Homebuyers now have more trust and confidence in developers as a result of RERA’s inculcation of compliance and integrity. Purchasers are now guaranteed on-time delivery, high-quality construction, and a grievance procedure. After seven years, we acknowledge that RERA was crucial in changing the sector and, in the end, producing a situation where all parties benefited.
How long would RERA take to make an impact on homebuyers?
The degree to which RERA has improved the environment in the Indian housing industry is a matter of contention. Naturally, among the major and listed players, the narrative is different. However, the general public’s perspective stems from their interactions with developers, against whom RERA as a law hasn’t worked well. The more significant query is how long it will take for RERA to become apparent to distressed homeowners seeking a single, sensible, and efficient solution.
Highlights of the survey
74% of consumers lament the conditions they face as purchases
70% of people believe that market transparency has not increased.
78% continue to lack prompt justice
RERA’s extension of the housing project’s completion to 88% of buyers is perplexing.
90% are harmed when RERA orders are not followed.
Buyers want a uniform builder-buyer agreement; 92% of them do
88% of purchasers saw the BBA following payment.
84% of cot reservations are cancelled arbitrarily
80% highlight the pre-launch reality as it stands.
86% ask why sales on carpet areas alone are not being enforced by RERA.
80% believe RERA will take action against malpractices on its own.
68% believe RERA deals with builders in a gentle manner.
92% are dissatisfied and unhappy with the RERA maximum in the Noida-Greater and Noida region.
In Ahmedabad, only 32% of purchasers said RERA is inefficient.
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