Manipulations in Real Estate Sector – Is RERA effective?

Due to recent boom in real estate market, every builder is busy buying land in every corner and doing a fancy launch. As per RERA Act, builder can only launch/advertise a project after getting RERA registration.

Ground reality :

  • Even listed and renowned builders are doing pre-launch of projects and are collecting bankable/non-bankable cheques.
  • In pre-launch they give tentative area and price without any official brochure. That too just the Super area without any guidance on Carpet area.
  • Lot of advertising is done on social media and associated brokers flood people with pre-launch messages.
  • After receiving RERA, when builders officially launch the project, they officially announce that project is fully sold in 24-48 hours just because of the cheques they collected during pre-launch.
  • To give mental satisfaction to pre-launch buyers, they launch the project at a higher price after receiving RERA, sell few more flats at that price. Then they further raise the prices for next few units and so on..

Where is RERA Act ? Few possibilities on lighter side why RERA authorities are not taking any action :

  • RERA authorities have not created their accounts on social media and hence unaware of pre-launch advertising
  • They don’t have whatsapp account where they receive messages from broker.
  • Or may be they don’t have phone to receive broker calls

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