Rashtriya Lok Dal General Secretary and Member of Parliament Jayant Chaudhary today strongly pitched for freeing local development bodies from the clutches of the property dealers and mooted for a Real Estate Regulatory Authority (RERA) to be established to look after the interests of the buyers.

Ensuring that the local development bodies (like the Noida or Lucknow Development Authority or Ghaziabad Development Authority) look after the interest of those investing in their dream properties, Jayant Chaudhary backed a move to establish the RERA by raising the issue under Rule 377 of the Lok Sabha concerning a matter of public importance.

“With clear indications that Local Development Authorities are in the pockets of developers, it is essential that a Real Estate Regulatory Authority be established to look after the interests of buyers,” Jayant Chaudary, MP from Matthura, said in the Lok Sabha on Wednesday. “Such an authority needs to ensure transparency of projects and ensure that builders provide all facilities to buyers,” he said. It is pertinent to mention that the Shahberi Judgment by the Supreme Court brings to light the problems faces by property buyers all across the country but nothing has been done in this regard and the buyers who are duped are left to go the courts to seek legal recourse just in case they do not get the promised deal by the real estate developers. Alongwith the provision mentioned in the Model Real Estates Act, it is necessary that the Authority also look into property valuation, ensure that builders use funds acquired by buyer for a particular project use it only for that project and that they sell projects only after acquiring 80-85 percent of the land required.

“Urban Planners have also failed to ensure affordable housing, it is necessary for the government to take step and ensure that lands be provided for cost effective housing projects,” Shri Chaudhary said in the Parliament.

It has been noticed that property dealers often mislead the buyers and real estate developers dupe the buyers, who have very little legal recourse – often time consuming and an expensive proposition. By establishing the RERA, the problems of the buyers would be nipped in the bud.

Text of the Notice under 377 “Shahberi Judgment by the Supreme Court brings to light the problems faces by property buyers all across the country. With clear indications that Local Development Authorities are in the pockets of developers, it is essential that a Real Estate Regulatory Authority be established to look after the interests of buyers. Such an authority need to ensure transparency of projects and ensure that builders provide all facilities to buyers. Along with the provision mentioned in the Model Real Estates Act, it is necessary that the Authority also look into property valuation, ensure that builders use funds acquired by buyer for a particular project use it only for that project and that they sell projects only after acquiring 80-85% of the land required. Urban Planners have also failed to ensure affordable housing, it is necessary for the government to take step and ensure that lands be provided for cost effective housing projects.”

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