A year on, RERA is still under construction4 min read . Updated: 18 Apr 2018, 03:51 PM IST
Provisions that protect consumers are very basic and builders can still withdraw 30% of customer funds to buy land
It is difficult to run into somebody in Delhi you know and not have them confess that they too are caught with their money stuck in stalled real estate projects in the suburbs of Noida and Gurugram. The bankruptcy process in the Jaypee Infratech Ltd case got the headlines, but the number of large developers who have been in jail is not small. It includes companies such as Unitech, SRS Group and DB Reality, showing how deep the rot in real estate goes because rich people in India seldom go to jail for breaking the law.
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