Delhi RERA chairman Anand Kumar suggested that builders must file a complaint with RERA against buyers of residential and commercial properties if they do not make timely payments. Also, builders should be careful not to fall into the trap of investors. If you fall into their trap, not only the cash flow will be affected, but there is also a risk of stopping the projects. He said this while speaking at a program on real estate.
An investor trap is happening now. Many high-net-worth individuals (HNIs) are buying more flats at once in the hope of getting higher returns. Upto 30 percent of the initial plot cost is being paid for this. Later, payments are not made. and no matter how many times the builders remind them, they don’t care.
Due to this, developers are cancelling the flats sold to them. As a result, disputes arise between the two. “If any buyer does not pay you (the builder), immediately file a complaint against them in RERA. RERA is not only for employees; it also works for you,” Kumar said. He said the builders have the right to cancel the units sold to them if anyone fails to make the payment within the specified time. He warned that if builders are not strict with such investors, the economic cycle will be affected. In such situations, there is a possibility that the projects will be stopped. Also, if the real sector is to be transparent, Kumar suggested that the builders must also follow the provisions of the RERA Act.
