LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Magicbricks Poll finds RERA gaining the confidence of home buyers

In the last two years, RERA has successfully regulated the possession of on-going under-construction projects and the builders as well.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Magicbricks Poll finds RERA gaining the confidence of home buyers
RERA complaint in case of delay in possession while 19% would like to ask for a refund and just 10% would like to wait for possession if the project gets delayed. Photo: PTI
Written By: ZeeBiz WebTeam
Updated: Wed, Jun 05, 2019
10:34 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Landmark order by Gujarat High Court! This RERA PIL disposed of - Here is the reason Landmark order by Gujarat High Court! This RERA PIL disposed of - Here is the reason
Real estate alert! 12-month extension to complete projects - NAREDCO urges UP RERA Real estate alert! 12-month extension to complete projects - NAREDCO urges UP RERA
RERA authorities pitch for one-time debt recast in realty; ask builders to comply with orders RERA authorities pitch for one-time debt recast in realty; ask builders to comply with orders
Declaration of Force Majeure in RERA: DECODED - Impact on real estate developers and homebuyers Declaration of Force Majeure in RERA: DECODED - Impact on real estate developers and homebuyers
 Real estate alert! Amid lockdown worries, GOOD NEWS for builders in Uttar Pradesh Real estate alert! Amid lockdown worries, GOOD NEWS for builders in Uttar Pradesh

RERA: Ever since it was formed two years ago, Real Estate (Development and Regulation) Act 2016, (RERA) has brought in a ray of hope and is the first choice for home buyers when it comes to fighting inordinate delays in possession of their flats but significantly one out of five home buyers still prefer a refund in case of delays, revealed a Magicbricks Consumer Poll. According to the poll by Magicbricks, 72 per cent home buyers would like to file a RERA complaint in case of delay in possession while 19% would like to ask for a refund and just 10% would like to wait for possession if the project gets delayed.

Speaking on the finding of Magicbricks Poll E Jayashree Kurup, Head Editorial and Advisory, Magicbricks said, “In the last two years, RERA has successfully regulated the possession of on-going under-construction projects and the builders as well. As a result, RERA has restored buyers’ confidence in the real estate sector. RERA regulators across states should ensure that the orders passed by them are enacted on the ground."

Recently, RERA celebrated two years of its implementation and Maharashtra has been lauded by experts as the best-performing state in terms of disposing of complaints and registration of projects. The main purpose of this law is to bring all under-construction projects and builders under its ambit. As of now, 22 states and six union territories have already notified RERA rules. Of these, only 19 states have active online portals. West Bengal is the only state with its own real estate law - WBHIRA.

Nonetheless, RERA has instilled confidence in buyers to invest in under-construction real estate projects and improved the sentiments of the sector as well. However, there have been cases where RERA orders have not been followed by builders and authorities had to impose penalties for delay in possession. 

Thanks to RERA, the number of registration of projects and agents are picking up across states and this is leading to a transparent ecosystem for real estate stakeholders. Today, buyers are able to access crucial information online on any real estate project, which was not available previously. There are still many gaps in the implementation of RERA as buyers still face many issues related to filing complaints, getting possession on time and penalties for delays. RERA regulators need to have a mechanism for timely redressal of issues so the lost confidence of consumers is restored in the sector.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
RERAIndia Real estateMagicbricks
RELATED NEWS
Landmark order by Gujarat High Court! This RERA PIL disposed of - Here is the reason Landmark order by Gujarat High Court! This RERA PIL disposed of - Here is the reason
Real estate alert! 12-month extension to complete projects - NAREDCO urges UP RERA Real estate alert! 12-month extension to complete projects - NAREDCO urges UP RERA
RERA authorities pitch for one-time debt recast in realty; ask builders to comply with orders RERA authorities pitch for one-time debt recast in realty; ask builders to comply with orders
Declaration of Force Majeure in RERA: DECODED - Impact on real estate developers and homebuyers Declaration of Force Majeure in RERA: DECODED - Impact on real estate developers and homebuyers
 Real estate alert! Amid lockdown worries, GOOD NEWS for builders in Uttar Pradesh Real estate alert! Amid lockdown worries, GOOD NEWS for builders in Uttar Pradesh

LATEST NEWS

North Korea''s Kim appoints new Navy, Air Force Chiefs in ''generation shift'' in Army

IRCTC Share price: Dolat Capital initiates coverage on with target of Rs 2650

IBPS PO scorecard released on ibps.in—Here is how to check

EXCLUSIVE: Anil Singhvi reveals what may be a booster shot for Rane (Madras), Bosch shares

Nureca IPO Listing: In talk with Anil Singhvi, Founder & CEO Aryan Goyal reveals company's outlook

Spider-Man 3 name revealed! See here title, cast, release date and other details

Bharti Airtel, Vodafone Idea, Reliance Jio: Market Share Focus to Delay Tariff Hikes highlights Jefferies

PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS

Greaves Cotton: Sharekhan maintains Buy rating with the revised price target of Rs 150

Gold Price Today – Price fall continues, yellow metal cheaper by Rs 80; Silver expensive by Rs 495 when markets opened on Thursday

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved