653399 SIP myths you must know!

The Supreme Court’s admonishing of the Noida Authority is a morale booster for hapless homebuyers fighting against the might of builders and authorities. But will it result in any active improvement for those who are arm-twisted by the powerful lobby of the real estate ecosystem?

The apex court said quiet bluntly that the Noida Authority’s conduct ‘reeks of corruption from the eyes, ears and nose’. It is a damning assessment of a body which is expected to ensure that citizens do not face any distress or discrimination.

The Noida Authority’s actions in the Supertech Emerald court case do not offer any encouraging signs for the homebuyers. Investing hard-earned money in a simple abode can be an excruciatingly painful experience for many in this country.

As if the burden of EMIs is not enough, homebuyers also have to be continuously wary of the ‘evil intentions’ of the builder. Approaching the authorities also does not seem to result in any immediate relief, as seen in the above-mentioned case. They were forced to take the legal route.

The apex court’s rap should bring some order to the way the sector functions. The way the Noida Authority has brazenly sided with the builder is a matter of great concern and the Supreme Court has rapped them appropriately. Instead of focusing on ensuring timely deliveries of homes, most builders look at ways to inconvenience homebuyers, who live in the fond hope that the dream home that they had envisioned will be delivered to them soon.

As is frequently discussed in many circles, RERA has a few gaps that home buyer associations insist must be plugged. One of the most frequent complaints is the inability of buyers to get refunds despite orders to the effect. But that is a systemic problem and perhaps needs both administrative and legislative relook. However, the sort of nexus that earned the rap of the apex court was the worst that homebuyers could suffer.