TALKING POINT: 'RERA should be given more power to take punitive action'
Establishment of Greater Noida bench of Uttar Pradesh Real Estate Regulatory Authority (UP RERA) not only paved the way for many stalled housing projects in Noida and Greater Noida to restart construction work but flat buyers found a ray of hope from it.
During a day long national convention of RERA held in Lucknow on November 3, several homebuyers under different banners from Noida, Greater Noida and Ghaziabad emphasised on strengthening RERA and giving power to take punitive action against those not complying its directives.
CitySpidey spoke to Abhishek Kumar and Manish Kumar to know homebuyers’ views regarding UP RERA functioning in last two years. Sharing their experiences, they pointed out several key factors where UP RERA helped home buyers in getting their flats and also where it need to do some more.
Homebuyers recommended for giving more power to RERA, however, they also said that National Company Law Tribunal (NCLT) or National Consumer Dispute Redressal Commission (NCDRC) should not be merged with RERA.
They denied real estate regulators’ allegations that homebuyers are misusing the NCLT or Insolvency and Bankruptcy Code (IBC) for recovery purpose which is delaying projects.