The consumer friendly Real Estate Regulatory Act (RERA) 2016, that comes in effect today has no good news for Chennai residents, as Tamil Nadu failed to ratify the act before the deadline.
The capital city of Tamil Nadu- Chennai saw a boom in real estate in mid 2000s and since has been a hub of investment for home buyers.
But with the state government failing to meet the ratification deadline, the residents or home buyers are again left in a lurch, with no regulation to protect them.
Several big realtors in the city have failed to meet deadlines and many families' fight for justice has reaped no rewards whatsoever.
Ravishankar, a home buyer in Chennai, who paid Rs 40 lakh to buy a house in 2010 is yet to get its possession.
'ONLY EMPTY ASSURANCES'
"Took a housing loan to pay for an apartment in MARG properties' Savithanjali project. The delivery date was supposed to be 2013, but we're yet to receive our home. MARG only makes empty promises and nothing more," said Ravishankar.
Another resident, Vijayaraghavan who bought a house in Emaar MGF said, "We complained to the police commissioner, the chief minister's complaint cell and local authorities. They all assured help but nothing changed. The realtors are now forcing us to move into homes with no power, pipelines or even lifts."
Now the aggrieved buyers are pinning the blame on the government for their helplessness. Whereas, private realtors' body CREDAI claims that the state government is committed to bringing RERA into effect.
"The state government has been working to bring RERA into effect and was in touch with us with regards to frame-working the RERA in Tamil Nadu, but there was a delay because of some internal issues... It's only a matter of time before RERA is brought into effect here," assures Nandakumar.