Honorable Union minister for housing & urban affairs Hardeep Singh Puri has said that "Property consumers should be desisted from approaching multiple forums (other than RERA) for seeking redressal of their grievances.”
We welcome the Housing Minister's call to disincentivize forum shopping by property consumers and believe that it will help streamline the dispute resolution process and reduce the burden on the legal system.
We would like to emphasize that the Real Estate Regulatory Authority (RERA) has played a pivotal role in ensuring transparency and accountability within the real estate sector.
Since its introduction, RERA has significantly contributed to the reduction of disputes and grievances among property consumers. The mandatory provision of maintaining 70% of escrow accounts has instilled confidence and trust in buyers, leading to a decline in legacy cases. The establishment of a robust mechanism by RERA has undoubtedly been instrumental in maintaining the equilibrium between developers and consumers.
By bolstering RERA's effectiveness, we can continue to build a thriving real estate industry that contributes significantly to India's GDP, with a projected 20% contribution by 2023.
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