Home­buy­ers wait for reg­u­la­tory bill

HT Estates - - HTESTATES -

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.

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