If you are looking for answers on consumer protection in the real estate sector and how not to be duped by agents and builders, then here is a chance of a lifetime for you. The next series of Consumer Conversation Series by Consumer Voice at India Habitat Centre is all about RERA and Consumer Law.
Speaker: Advocate Pawan Shree Aggarwal (Amicus Curie)
Register Here: https://tinyurl.com/ydfavlol
Are you looking for a new home but not sure whom to trust? Do you feel innocent consumers are being cheated by real estate agents in a bid to formalize deals? Consumers are prone to a lot of vulnerabilities. There are innumerable chances for such agents to indulge in certain malpractices at the cost of fidgeting with the hard earned money of the consumers. They may lure the consumers into buying a plot which is below the agreed standards/quality by means of misrepresentation/fake promise
Though progressive, the real estate industry is immensely unregulated. Consumers are exploited by taking advantage of these limitations that plague the real estate industry.
There are 3 reasons for the necessity of Consumer Protection in real estate industry:
• Since Real Estate Business involves a large amount of money therefore, malpractices against consumers would result in large amounts of losses for them. On the other hand, consumer protection and a new evolving law RERA would benefit enormously to the consumers and is in their best interests.
• The Real Estate Industry is controlled by real estate builders/agents. When governments formulate policies to improve the real estate industry they ask people who represent real estate agents. They rarely ask people who represent consumers. Therefore the consumers have no say in formulation of policies that regulate the industry. And thus, builders take advantage of this and dupe innocent consumers.
• Consumers lack knowledge. Lack of knowledge and information on part of consumers about industry and their rights also causes them to be exploited. They are misinformed, cheated and often end up losing large amountof money at the hands of fraud agents because of such lack of information and unawareness.