Every Mumbaikar dream of buying a house in this super expensive city. It is difficult to buy one owing to its increasing rates. However, now the state government has taken a step forward which helps Mumbaikars to fulfill their dreams. Henceforth, builders will have to register themselves with Real Estate (Regulation and Development) Act (RERA) in order to sell flats. If they fail to do so, buyers will not get a loan from the bank. Buyers class have welcomed the move as this will not allow the builders to dupe the buyers.
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Though banks do not approve loans without scrutinizing the documents, there have been cases when builders have failed to clear the loans. And so, even banks are considering RERA as a blessing in disguise. Another benefit of the RERA act is that it will disable the builders to sell the flat in hindsight.
RERA act has been implemented in six states along with Maharashtra. However, still, there are many other states where the act has not been implemented.
Builders not only dupe buyers but banks as well. Many times, the loan is not paid in time due to which banks suffer losses. But this act is beneficial to both buyers and banks,” Vishwas Utgi, Vice President, All Indian Bank Employees Association.
Builders who really want to do business, they will have to register themselves at RERA. Banks are also supporting the act so this will decrease the duping cases,” Anand Gupta, member, Builders Association of India.