N
Neha Chatterjee
posted on 10 MayBengaluru investors: Is RERA actually protecting us?
Not proud of this but I almost got duped by a pre-launch scheme. Even working in real estate, I see buyers miss crucial RERA checks. Everyone glorifies RERA as protection, but is it really effective for projects like Sterling Ascentia? I've seen complaints just sit. Is RERA's bite worse than its bark? Change my mind.
#rera-compliance#investor-concerns#bangalore-real-estate#legal-due-diligence#sterling-ascentia
Comments
I'm looking for a 2BHK in Akshayanagar and the prices are just insane right now. Builders are quoting pre-COVID rates plus a premium, and delivery timelines are getting pushed constantly. My friend booked in 2021, was promised possession last year, and now they've extended it to 2025. RERA sirf paperwork badha raha hai, ground reality mein changes bohot kam hain. It feels like a big risk for middle-class families.
This is why I'm super wary. I heard about Ambika Developers; they literally have 0 projects completed. How do such builders even get RERA registration? This makes me question the whole process. It's like they can just register and then vanish.
My agent also warned me about new builders with no track record, especially in areas like Agrahara Layout where there's a lot of new development. RERA should really scrutinize these new entrants more closely.
Zero projects? Red flag for sure.
Ambika Developers? Wow, 0 projects? That's shocking. How is that even allowed? This is exactly the kind of thing RERA should prevent.
Sahi baat hai bhai. Just the registration isn't enough, we need more transparency.
Haan yaar, RERA ka naam toh bahut hai, but implementation mein bahut loopholes hain. Like, what happens if a project gets delayed by years? Just a penalty? Does that really compensate for our lost rent, EMI, and mental stress? Kya RERA actual mein project delays ko effectively handle karta hai?
Compensation is a joke. Just extends our waiting period.
Nah, not really effectively. They impose fines, yes, but those are often paltry compared to the developer's profits or our losses. Plus, getting RERA to act takes ages. My uncle's case for a delayed project in Bengaluru is still stuck after two years.
Totally relate to this! My cousin almost put money down on a project near Aavalahalli that had all the RERA registrations on paper, but the builder's reputation was just... off. We dug deeper and found out they had like 5 other stalled projects. RERA gives a false sense of security sometimes, especially for first-time buyers like us who just see the 'RERA registered' tag and think we're safe. It's more about due diligence from our side, which is exhausting.
You've hit the nail on the head. We rely on RERA for that initial filter. If even registered projects by builders with zero track record (like Ambika Developers, as someone mentioned later) get through, it's a huge problem. It's a system designed to protect, but the implementation is flawed, leaving us vulnerable.
True, the due diligence is on us. But then what's the point of RERA? Shouldn't it be more proactive in vetting builders before registration? The burden shouldn't be entirely on the buyer.
Exactly! The paperwork is one thing, ground reality is another. My friend also faced a similar issue near Adigara Kallahalli.