As RERA's recovery orders remain pending, homebuyers say regulator is toothless
The Real Estate Regulatory Authority (RERA) is turning out to be toothless as out of recovery orders worth Rs 1,071 crore, only Rs 102 crore has been recovered from defaulting builders up till last month. Since the regulator has no execution power, it relies on the district administrations to recover the money from the builders and hand it over to the home buyer.
However, this deflates the idea of a dedicated single window system of regulation for the duped home buyers, awaiting possession of their flats for more than a decade. Over one lakh homebuyers are still awaiting possession of their flats in Noida, Greater Noida, Ghaziabad and other parts of the national capital region.