"As yet, the property buyers, in case of any dispute with the builders, have to approach the civil courts. After constitution of the proposed authority, they would be able to complain against the builders with the new forum. Apart from giving early relief to them, the authority would also reduce the burden of courts," Dan Singh told The Times of India.
It has been decided that the regulatory authority will be headed by a chairman and another two members and authority will look into complaints pertaining to disputes related to sale and purchase of flats in housing societies and resolving such related issues.
With the emergence of many private builders and real estate agencies many disputes between buyers and builders also mushroomed like delay in possession, unfairly cancelling registration of flats to have more money and many such issues which we can see happening in new Gurgaon and Dwarka-Gurgaon Expressway houses.
It has been that developers and agents are taking undue advantage of increasing demand of real estate in Delhi NCR and even at the time when the price of properties came down in last year across the country, the prices in Delhi NCR kept on increasing.
"This is a trend and will continue here. We cannot do anything till the demand is increasing in Gurgaon." a real estate agent in New Gurgaon told this citizen journalist.
Provision has been made for imprisoning builders in case of violation of the sales agreement norms related to cost and timeline of the project, said a source, adding that the Union government has suggested up to a year's imprisonment or fine up to 5% of the total project cost for violations.
In Noida Extension also, because of small disputes and increase in the land prices, many builders cancelled registrations of early buyers. “I am very worried about my flat which I had booked in 2011 for which I also took a loan, but builder cancelled my flat saying I have not paid full amount of escalation charges. Only when I went to their office I came to know that they have cancelled my flat," Kulbhshan Jha, who booked a flat in Noida extension, told this citizen journalist.
This is just one example of injustice happening in real estate world where developers just do not bother about buyers. This regulatory body might help to mitigate the sufferings of buyers.