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A new statute that cares home buyers


Had such sort of law been envisaged early, the existing chaotic conditions of real estate sector could have been averted and lakhs of home investors have had been saved from their financial losses, mental agony and harassment as well. For sure, credibility of Real Estate sector would not have sustained such set back as well. Builders/Developers would also have been in sound position than they are today. Real Estate Sector could have been more vibrant and capable than it is today. Be it at late hours, but the step of government to have in place a legal frame work for Real Sector to control, regulate and supervise their activities is welcomed. Finally, the ‘Real Estate Regulation & Development Act, 2016’ came into force w.e.f. 1st May, 2017.

This was a long awaited statute and it would now replace traditional practices and procedures and bring in aaccountable, good governance, transparent and buyer centric policies and shall reign over the uncontrolled activities of Builders/Developers. And, this will have longer lasting impact and be beneficial to all stakeholders. The ‘RERA’ is expected to bring in a transparent, accountable and disciplined environment in real estate sector and it all will strengthen growth and investment opportunities in this sector to the best advantage of all stakeholders.

Though, the RERA will be of little help to those buyers/developers whose projects are obstructed and delayed due to land acquisition disputes, NGT orders, Master Plan inconsistencies or no approval from competent authorities. This way RERA has no solution to these problems, which are larger in present day context. Action against such erring builders shall not bring in tangible result or relief to investors, so the government and other authorities should give a safe passage to such projects to come to completion to protect the interest of investors in such projects.

Urbanization is not going to halt or pace slowed. People from rural India have been migrating to urban centers for education, job, opportunity etc. for ages and present influx of population will have more & more migration and this will need more and more dwelling units in urban areas. In recent years, whichever home growth we see, that is mostly unplanned, posing further strains on infrastructure side. Successful implementation of ‘RERA’ will bring planned development in urban side, shall instill better confidence in buyers and builders. Builders coming in the day light with roses and disappearing in the darkness of night shall come to control.

Any trade or profession should have its foundation on transparency and credibility and in real sector it is much more important where people invest their life long hard savings to have a dwelling house. The Rosemarry Hospitality Pvt. Ltd., who is a leading developer of Palm Floors, villas, bunglows in Gurugram, keeps the interests of buyers as supreme and tries to meet their aspirations and delivers rich value of their investment. Their endeavor is to make every palm floor of distinct & unique in quality & features. They maintain high standard of customer satisfaction.