The realty law RERA should be amended to plug loopholes and make it more effective for the interest of all stakeholders, according to regulators.
In an event organised by industrychamber PHDCCI, Gurugram RERA Chairman K K Khandelwal asked India Inc to make suggestions to the government for necessary amendments to RERA Act to make it dispassionately objective for both builders and home buyers.
According to Khandelwal, the existing stipulations and provisions of RERA Act have many loopholes that need to be plugged in the interest of all the stakeholders, PHDCCI said in a statement.
“In its current format, several sections and sub-sections including clauses and sub-clauses of the RERA Act are contradictory and therefore, open for many legal interpretations as well interpretations of real estate regulatory authorities of different States and therefore, amendment to them are called for to make sure that all stakeholders in the real estate and construction sector get a fair deal and the intended growth of the sector is ensured,” Khandelwal was quoted as saying.
Balvinder Kumar, Member, UP RERA informed that the UP RERA has so far received 70,000 complaints from various home buyers against builders in the state that have defaulted in their delivery commitments.
Of which 10,100 complaints have been addressed.