RERA Master

Recently the National Consumer Court ( NCDRC ) has been imposing fines and passing severe orders against the builders who have been indulging into unfair trade practices. One of those unfair practices include charging interest from the homebuyers   at very high rate say around 18% p.a. or even more for delay in payment of installment, whereas, the builders themselves pay interest at a very negligible rate   mostly at Rs 5 per sq. ft which comes to around 1.5-2% p.a. for delay in project . A bench of National Consumer Disputes Redressal Commission (NCDRC) president Justice R K Agrawal and member M Shreesha in a case against UMANG REALTECH PVT LTD., while addressing the issue of rate of interest, observed that such provisions in a builder-buyer agreement are unfair and unreasonable and a builder/ developer cannot be allowed to force such one-sided/ unilateral terms upon the buyers which protect only the interests of the builder alone. The said order was passed on the plea

Has this ever happened to you that you were shown something different from what the builder had shown you in the beginning? Then, you too are one of those homebuyers who have been cheated by the builder. There is a large no. of people who fall prey of this tactic of the builders and end up purchasing an undesired home for themselves. The usual practice of the builders in the Indian Real Estate industry is that when the buyers visit the project site, they are shown a mesmerizingly fancy space as a sample property with the assurance that this is what their home would turn out to be . There is a reason why sample properties are different than the actual property, they are meant to be fancy and luxurious looking because it is used to promote the project and increase sales. It is a very clever way of deceiving buyers and convincing them to invest in the project. The builders are aware of what the buyers look for while buying a property, thus, they create just the dream of e