After the Supreme Court’s take that Greater Noida flat buyers can take recourse to legal remedies if there is no refund with interest, real estate body CREDAI (Confederation of Real Estate Developers’ Associations of India) has got down to forming its own regulatory body to address buyers’ issues.
Vice-president of CREDAI (NCR) Anil Sharma said, “We’re close to completing formation of our own regulatory body, which will have some top real estate players and retired judges on its panel. Builders, against who allegations will be made by buyers, will not be part of the panel during the particular hearings. The idea is to ensure complete transparency and quick redress of disputes between builders and buyers.”
Buyers rue there is no real estate regulator in place. For years, there has been a demand for a mechanism to protect investors. The first draft of a real estate regulatory authority bill was prepared and public opinion sought on it five years ago but nothing much happened. The bill makes builders accountable towards buyers. Builders have been accused of stalling the bill.
In Noida Extension, where the Supreme Court has set aside acquisition of 156 hectares of land, those who have invested money in pursuit of their dream houses, have been complaining that in the absence of a regulatory body, they are finding it difficult to get refund from builders.