Heavy investment for a dream house, RERA orders to return the money

Heavy investment for a dream house

It is said that the pleasures seen with open eyes are definitely fulfilled. Thousands of people sitting with the hope of living in a proper house booked their flat with open eye dream and full emotions, with their hard-earned money. It is a matter of fact that their dreams have shattered when they saw the incomplete structure in which they have put all their deposits-capital.

There are at least 65 residential projects in Doon, whose deadline has been completed, but the work has not been completed yet. In such a situation, people are cutting their stomach and paying a home loan installment on one side, on the other hand, the house rent. Gradually, the people are losing their patience and it is a result that more than 90 people have been demanding their money back by registering complaints in Uttarakhand Real Estate Regulatory Authority (RERA). Most of the complaints have been disposed of by the RERA and orders have been issued to the builders to refund the amount including interest. Even after this, the builders are neither able to complete building the flat nor are they ready to return their money.

132 residential projects of builders in Doon are registered in RERA. Of these, 65 projects have been completed, within the deadline, they had to complete the construction work. After completing the work within the stipulated time, they have to give away the flat to the people Now the builders have applied in the RERA and started seeking the extension. So far, 25 builders have applied for extensions and 13 projects have so far got an extension for one year. The remaining builders will start demanding extensions like this and maybe they will get approval too. Still, the question of the interests of the investors at the other end is standing. To say, RERA is giving orders in favor of investors, but what to do with such orders when the builder is not ready to comply. RERA has proved to be a failure in taking effective action on such builders.


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