In today's video, we discuss the Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, which aimed to bring transparency and discipline to the real estate sector. However, the Forum for People's Collective Efforts (FPCE), a prominent homebuyers' association, recently informed the central government that RERA has not met its objectives. Despite being in place for over seven years, over 50,000 real estate-related complaints remain unresolved in consumer forums, indicating that many homebuyers still rely on these forums instead of RERA, suggesting a lack of trust in the system. FPCE has highlighted significant issues such as misleading advertisements, unfair contracts, and business malpractices in the sector that continue to affect buyers.
FPCE has urged the Consumer Affairs Ministry to issue specific guidelines for the real estate sector and take strict action against unfair practices, as the Consumer Protection Act, 2019, has also been unable to effectively address these concerns. There is a need for stricter regulations, especially to tackle misleading advertisements and unfair contractual terms, which often disadvantage buyers. While RERA was introduced to improve the real estate sector, it has not yet achieved its goals, prompting demands for reforms to better protect homebuyers. Share your thoughts on whether RERA should be strengthened or if new rules should be introduced under the Consumer Protection Act.