Property developers call for making RERA first point of redressal
Property developers are making all efforts to make Real Estate Regulatory Authority (RERA) first point for redressal of homebuyers' complaints.
It was seen that most of the cases related to real estate were filed in National Company Law Tribunal (NCLT).
Many such cases have been lying with NCLT resulting in stalled projects at various cities.
The real estate body has now called for changes in law. The developers have been demanding to make the RERA as first choice for redressal of cases related to stalled projects.
As per the data of Confederation of Real Estate Developers Association of India, 65 per cent of the total cases are related to real estate in the NCLT.
They reasoned that the homebuyers are unnecessarily filing cases in NCLT. They called for giving RERA exclusive rights to deal with such kind of cases.
Growing cases in NCLT has been a conflict between flat buyers and the developers.
Earlier, two real estate developers based in Noida and Greater talking to CitySpidey stated that Insolvency and Bankruptcy Code (IBC) is being misused and has become a "tool of recovery."
The homebuyers too recommended for strengthening RERA , however, they differed with real estate developers' claims that IBC is being misused.