Though Modi showed dreams to millions by introducing bills and laws, he has failed to ensure that the same is implemented strictly and followed till the grassroot level by all Agencies. Unless and until that happens, India is a land where every law can be tweaked and every law has loopholes which helps the culprits or rich people escape and thereby the end result is come what may, common people have to suffer. Same is with RERA. Why is it simply not declared that any project be it a new one or an under construction or even 90% completed one not being registered under RERA. It means the Govt. like demonetisation is ensuring that all builders and culprits can escape. It should be as simple as that, any construction till OC is received and possession not given to customers need to be registered under RERA. And builders cannot declare bankrupcy and escape the law of punishment. They can't play or imagine constructing a building just on the basis of proposed money from banks or lenders. Its their duty to first get loans and then construct building. So, though everybody might be gaga and hopeful with the new RERA introduced by the Govt. its not going to benefit common people neither bring down the escalated real estate prices to its correct level. And when fraud builder community exists everywhere why is that every state has not implemented RERA together at once with immediate effect. So, all in all, Govt. is in connivance with builders for their benefit.
Big boost to allot tees but does not give immediate relief to existing allot tees particularly those who are paying EMI. Efficiency of govt. agencies is to be enhanced so as to give relief to all.
RERA is harmless cow equivalent when compare to the savageness of the realestate syndicate of India.
Even before the drafting of RERA, the escape routes have been in place.
What is needed is a full fledged policy that discourages real estate as a form of investment. Government should come up with a definitive and exhaustive policy which makes real estate as investment option impossible.
For instance
The land lord should be taxed thrice the property tax if he or she owns more than two homes.
The capital gain tax on any form of real estate - be it long term or short term mu be taxed 50% flat.
Each sale or purchase of property should be channeled through an authority for verification of cost, authenticity and buyer and seller credentials.For example, their IT returns should be verified. The funding for such purchase should undergo scrutiny.
All government lands which have undergone transfers in the last 30 years should be ratified once again.
