New Delhi: Rajya Sabha member and BJP leader Laxmikant Bajpai on March 27, 2026 highlighted the problems faced by homebuyers under the Real Estate (Regulation and Development) Act (RERA) and urged the government to bring stricter measures for better protection.
Speaking in Parliament, Bajpai pointed out that many homebuyers invest their hard-earned savings in residential projects, but often suffer when projects get delayed or developers declare insolvency. In such cases, buyers continue to pay bank EMIs while their homes remain incomplete.
Key Concerns Raised
- Thousands of families across the country are affected by stalled housing projects.
- Despite RERA being in place since 2016, many buyers still struggle to get timely possession of their flats.
- Homebuyers frequently face long legal battles when developers abandon projects or go bankrupt.
Bajpai demanded stronger enforcement of RERA and suggested amendments in both real estate regulations and insolvency laws so that the interests of homebuyers are given priority during financial disputes.
He emphasised the need for greater accountability and better oversight mechanisms to ensure developers complete projects on time and maintain financial discipline.
Background on RERA
The Real Estate (Regulation and Development) Act, 2016 was enacted to bring transparency in the real estate sector, protect homebuyers, and regulate developers. It mandates project registration and timely disclosure of project details.
However, concerns regarding poor implementation and lack of strong penalties continue to be raised by lawmakers and affected buyers.
This intervention by the BJP MP reflects ongoing discussions on strengthening consumer protection in India’s real estate sector.