AROUND 70 per cent of consumers are aware of realty law RERA and five out of six homebuyers seek grievances redressal through this legislations, according to a survey by Omidyar Network India and Boston Consulting Group released on Wednesday. However, the report pointed out that the implementation of the grievance redressal process still has many gaps as “only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved”.

 

The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016. Omidyar Network India (ONI) and Boston Consulting group (BCG) has launched a survey report -- ‘Five Years On: An assessment of RERA - The Road Ahead for a Stronger On-ground Regime’ --- that gauges its impact on the crucial real estate sector since its enactment five years ago. The report is based on the interactions with over 1,300 customers, developers, regulatory authorities, and relevant stakeholders like chartered accountants, engineers, architects from Maharashtra, UP, Madhya Pradesh, Odisha, and Karnataka. The survey found out that the law has created an implicit trust in homebuyers because of the usage of RERA registration of properties as a marketing tool and creation of escrow account to build projects.