Despite Recovery Efforts, Builders Owe Rs 800 Crore to Homebuyers
The Haryana Real Estate Regulatory Authority (HRera) has been facing significant challenges in recovering dues owed by defaulting builders. Despite issuing 1,190 recovery certificates and recovering Rs 225 crore, there is still an outstanding amount of Rs 800 crore. This article delves into the struggles faced by HRera and the frustration of homebuyers caught in the crossfire.
HRera’s Efforts and Hurdles in Enforcing Recovery Orders
HRera, established following the Real Estate Regulation and Development Act of 2016, aims to protect the interests of homebuyers and ensure accountability in the real estate sector. However, enforcing recovery orders has proven to be an uphill battle. Out of the total amount of dues, Rs 148 crore was recovered through the initial 170 recovery certificates. Subsequently, an additional Rs 49 crore was recovered from 91 cases with the appointment of an adjudicating officer.
Despite the efforts made, many high-profile builders, particularly those operating in Gurgaon, continue to resist compliance with the authority’s orders. This non-compliance has left numerous homebuyers in financial distress, as their investments remain stuck in stalled projects with unfulfilled promises.
Homebuyers Express Frustration and Hopelessness
Homebuyers like Deepak Dinesh and Shweta Kapoor have expressed their frustration with the lack of progress. Dinesh, who invested in a residential project a decade ago, shared his disappointment, “I put my faith in this project and waited patiently for a decade, but I have neither received the flat nor a refund. We are being dragged through a lengthy process without any tangible results.”
Kapoor, who invested her life savings in a stalled project, echoed Dinesh’s sentiments, saying, “We are helpless. It feels like we are stuck in an endless loop of court orders and legal notices, but there is no actual resolution. I’ve lost hope of ever getting my flat or my money back.”
Enforcement Remains Challenging as Builders Evade Accountability
While HRera has issued over 200 arrest warrants against defaulting builders, enforcement still poses a significant hurdle. Only 20% of cases have seen positive outcomes for homebuyers, leaving a vast majority frustrated and uncertain about their investments.
Rajendra Kumar, H-Rera’s adjudicating officer, affirmed that the authority is committed to taking legal steps to bring defaulting builders to task and provide justice to homebuyers. However, with Rs 800 crore still owed, the road to recovery appears arduous.
Despite these challenges, HRera remains dedicated to protecting the interests of homebuyers and holding builders accountable for their responsibilities. The authority continues its efforts to recover the remaining dues and provide relief to affected homebuyers.
Conclusion
The struggle faced by the Haryana Real Estate Regulatory Authority in recovering Rs 800 crore from defaulting builders highlights the complexity of the real estate sector and the challenges in enforcing recovery orders. Homebuyers caught in these circumstances are left with uncertainty and frustration. As HRera persists in its efforts to bring defaulting builders to justice, it is hopeful that these efforts will ultimately lead to relief for affected homebuyers and greater accountability in the real estate sector.
