Builders not giving possession: Will RERA end ordeals of stuck home buyers?

NEW DELHI: The much-awaited Real Estate Act (RERA) comes into force from Monday. Its objective is to protect the interest of consumers and to bring transparency, accountability and efficiency in the real estate sector. The Act also aims to establish a mechanism for speedy dispute redressal to protect home buyers. Project delays are one of the biggest problems that home buyers face in the real state sector. Most of the times, builders are accused of not giving possession of properties to buyers on time. It has also damaged the trust factor between them. LUCKNOW: In once such case, a technocrat from Lucknow, Alok Kumar, had alleged that he booked a flat way back in 2008 and the builder had promised to give him possession in the year 2009. But even after 10 years the project is still under construction. In 2008, Parsvanath developers had launched a scheme of 540 flats in Lucknow's Gomatinagar. "I booked the property in 2008. The construction should have been completed by December 2009. But even after 10 years, nothing has happened," Alok said. Another victim, Monika, said that she had to live in a half-built flat because of the builder. NOIDA: In Noida too, home-buyers are distressed over delay in completion of projects. Ashok Kumar had booked a flat in Supertech's project Eco village in Greater Noida Extension in April 2010. The builders had promised to hand over possession in 2013. "Whenever I talk to project in-charge, he promises to give possession in two-three months. But if you see the condition of site, I don't think they it will get completed even by next year," he said. Alok is currently staying on rent and also giving Rs. 20,000 per month to bank for loan installment. Sandeep Kumar, a TV journalist, complained of delay in possession of flats by Jaypee builders in their Aman in Sector 151, along Noida expressway. He booked a flat in 2008, which should have been handed over to him by 2012. But five years on, only the structure of building has been erected. GURUGRAM Colonel Satyendra Jain booked a flat in BPTP's Park Serene in Sector 37D in 2008, but has since been waiting to get possession. "Even after nine years, I am waiting for possession. Every Diwali the builder tells us that property will be handed over to us soon," he said.