Sir —This refers to the editorial, “Real estate must get real” (May 3). The Real Estate (Regulation and Development) Act (RERA) will at least bring some transparency and order in the highly unregulated real estate sector. Thirteen States have already notified the rules, but many have diluted the provisions to favour the builders.
However, most buyers will still have to rush to the courts for justice. Presently, in Noida and Greater Noida itself, around one lakh flat investors have been left high and dry, even after paying 90 to 95 per cent of the project cost.
Builders have diverted money abroad or invested in other businesses, declaring themselves broke. They are all outside the scope of RERA and will not provide any solace to the investors.