Buyer literacy must for real estate Act's success: Experts

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The Real EstateRegulatory Authority (RERA) Act will empower people, but citizen's participation and awareness is key to make it a success, realty experts said on May 6.

They were speaking at an event organised by citizen's forum Sajag Nagrik Manch.

"Citizens will have to take a lead in ensuring RERA's effective implementation. They should be educated about the rights that buyers have in the Act," lawyer Hemant Bhopatkar said.

With the RERA Act in place, citizens can raise grievances against estate agents, chief promoters, developers and others associated with the projects. The Act even has the power to cancel an entire project if a major discrepancy is found, he said.

"The Act has made it mandatory to provide various certificates for availing of loans. Certificates from architects, chartered accountants and engineers will have to be taken before getting a green signal for the project. Buyers must look at these certifications before purchasing a flat," chartered accountant Babasaheb Mane said.

"The Act has come as a boon for banks. Monitoring of loans given to builders will be easier," said banker C G Vaijapurkar