The biggest dream of the common job person is The Home - The Home of Dream. For which he/she do the hard work and mobilized the debt burden of millions of rupees on the flexible head. Even by scissoring on all the needs of his family and saves money to book a house. Not only this, Buyer Sacrifice their small happiness and do pay the heavy installment to the bank, but what does the common man get in return? The buyer gets Trail dust by running from the office to builder house, builder to home, and then cuts his slippers in the way only. But there is no hearing even though For them, it seems like a bulldozer running and ruining on the house of own dreams.
All of these, RERA Act offers some relief to the buyers. Yes RERA is a Zandu Balm on your real estate pain. According to RERA act, The builder will have to pay interest to the Buyer now if delaying the possession of the flats. The interest rate will remain 10.9 percent.
The government has modified the Real Estate Development Regulatory Act 2016. Under this, the rate of penalties has been fixed equal (Same) in terms of delay in possession by the builders and delay in the EMI from the buyers. Earlier, due to the delay in EMI, the buyer had to pay at 15 percent rate of interest to the EMI, whereas the builder had to pay peanuts only.
Let us Know further that if your builder is harassing you and doing arbitrarily, then what can an individual do through the Rare Act. And how will the government help to overcome your housing burden.
This is a big issue for a common middle-class person, even after putting everything on the claim, he/she can not find his house. Here are some statistics that will show how deep the crisis is over Real estate properties in Gurgaon, infact complete Delhi NCR is facing same. Here are the stats. (Statics belongs to Delhi NCR only)
Delhi NCR had to be given the possession of 6.45 lakh flats in 2016, but 72% of these flats have been delayed for 3-4 years. (According to Zee News report)
Now the conditions are that 700,000 flats in Delhi NCR are lying vacant and their sales are not getting, these figures are between 2016-17.
Return to the point that if the builder is arbitrary and doing fraud, taking you otherwise, what can the buyer do?
Number one, Real Estate Property Buyer can do write to the government, convenience by RARA Act, according the Consumer Protection Act 1986, there is a provision that if there is a delay in giving flat, then the customer can demand compensation.
Number two. District Consumer Commission can be complied with up to 20 lakh. The State Consumer Commission can be complied with more than 20 lakh and if there is a bigger complaint then the National Consumer Commission has complained more than one crore. The
Domestic Building Contract Act 1995 provides that the builder should complete at the appointed time.
Number Three. Disclosure and transparency.
For the developers its compulsory to keep disclose all details prior starting the project. Even it be Residential Project or commercial project. Details are like cost of particular land at which building is going to stand, total construction cost or the project, capital to completed the project in targeted time, Investment plan and name of investors, construction plan, Plat details, approval certificates, RERA certificate number etc. All mentioned details will always be available for the Real Estate Property Buyer.
In the early days of having the Rare Act, the Government, which had toll free number for the customer, is 1800 11 4000, if any problem occurs then can call this number. And one can also SMS on 81300 09809 with buyer same and city. Of course, the government has made these new laws and the notification has also been released.
Now dream of your dream home.
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