Mumbai-Based Consumer Rights Body Starts Campaign Against RERA
From being an unorganised industry, the Indian realty sector is now gradually evolving into a well-organised sphere. Several governmental policies, including GST and the recently introduced Real Estate (Regulation and Development) Act, 2016 (RERA) has made a big difference to how the overall industry functions. RERA was implemented for streamlining the system as well as for protecting consumers' interest.
But the government is facing roadblocks in the smooth enforcement of the regulation in Mumbai city, as there has been stiff resistance from a well-known consumer rights organisation, Mumbai Grahak Panchayat (MGP).
MakaanIQ brings you the latest update on this front.
About Mumbai Grahak Panchayat
Mumbai Grahak Panchayat (MGP) was established in 1975 by a group of volunteers for improving consumer awareness and promoting sustainable consumption. The group is headed by its Chairman, Shirish Deshpande.
About Real Estate (Regulation and Development) Act, 2016
The Real Estate Regulatory Act was proposed by the government for the protection of homebuyers and for facilitating investments in the sector. The bill was successfully passed in Lok Sabha and Rajya Sabha in March 2016. The primary objective of this regulation is the protection of interests of consumers or buyers by keeping a check on unaccounted money flowing into the sector. Yet another advantage for the buyers is that builders would now be required to quote prices based on carpet area instead of super built-up area.