Homebuyers wait for regulatory bill
against a prominent developer felt that a regulatory authority would have made a huge difference in his case.
“First, our biggest problem was siphoning of consumers’ funds by the developer to other projects, leaving our project in limbo due to non-payment of dues to Noida Authority. Our problems were also compounded because of Noida Authority granting a 10- year payment relief to promoters in the form of payment rescheduling. Second, the developer, with the tacit support of authorities, made substantial changes to the originally sanctioned building plans causing financial losses to buyers and delays in possession. Also, though the Uttar Pradesh Apartment Ownership Act came into existence in 2010 to protect the rights of homebuyers, Noida Authority has displayed a complete lack of accountability which has made things worse for buyers like me. In the absence of the regulator we were therefore left with no option but to file writ petitions and consumer complaints,” said Prakash.
Talking about an important feature of regulatory bill, A Rao, said, “When the bill becomes an act it will, retrospectively, cover all projects which haven’t got completion certificates. There are hundreds of such projects in Delhi NCR in which the developer has handed over apartments to homebuyers; even though many of them haven’t got completion certificates. It will definitely protect buyers against property fraud.” Rao is embroiled in fighting a legal case against a builder for encroachment of common areas in his housing block.