The Authority is probing into the matter of a number of Real Estate projects lying incomplete and homebuyers’ money stuck in them, said the government today.
The Real Estate Regulation and Development (RERA) Act, 2016 has already been enacted to safeguard the rights and interests of buyers, it said.
Minister of State for Corporate Affairs P P Chaudhary informed the Lok Sabha in a written reply that, the Act aims at promoting uniformity and standardisation of business practices and transactions in the real estate sector.
Ministry of Housing and Urban Affairs (MoHUA) has been enacted the Act.
To a query seeking details about the number of real estate projects lying incomplete and the number of homebuyers whose money has been stuck in these projects, Chaudhary said, “the matter is being looked into”.
The response was the same to questions on whether the authority has taken cognisance that homebuyers are facing difficulty in repaying bank loans due to the incomplete projects and whether it proposes to formulate any policy to protect the interest of such homebuyers.
In the present time, there have been rising concerns about incomplete real estate projects and problems faced by customers. Some of the real estate firms are facing insolvency proceedings.
P P Chaudhary is also the Minister of State for Law and Justice.