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?> Pre-Rera era Supertech towers demolished, but have things changed under the new regime?

Priya Singh | 2023-11-28

A homebuyer is trapped in the builder’s net the moment he pays the token amount. Thereon, he has no choice but to succumb to the builder’s wishes
If media reports are to be believed, after the Real Estate Regulation Act (RERA) came into being, all the government officials have become careful in sanctioning building plans, builders are now fearful of the law and the judiciary is trusted as more proactive than reactive
A fellow panelist at a TV debate emphasised that Supertech twin towers violations are pre-Rera realities. The market has changed a lot in the post-Rera world. Really? I wonder where. Are we talking about some other part of the world?
To be sure, Supertech demolition is not the first such landmark judgment that has been shaping the industry narrative. In 2014, the Competition Commission of India had slapped a Rs 630 crore fine on DLF. However, it is not about one or two defaulters but the ecosystem that supports perpetrators and definitely not the victim – the homebuyers. The C-SAT score of Indian real estate (as per Track2Realty survey) slipped from 20 (out of 100) in 2011, to 18.
All the reforms like RERA, GST, Benami Transactions and demonetisation, etc are reforms only on paper. Nothing has changed on the ground for the hapless homebuyers.
Policy interventions have only made the builders smarter in dodging the bullet. For example, one of the builders in Greater Noida West is forcing buyers to sign an advance consent that the builder is free to make any future changes in the FAR and layout. Any resistance by the homebuyers is silenced with the builder’s wrath and the two-third (needed to vet it) succumb before the mighty builder. One aggrieved homebuyer who approached the consumer commission against the unfair contract is running from pillar to post for speedy justice.

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