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'Could not enter own house...': Piyush Goyal shares his homebuying nightmare

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'COULD NOT ENTER OWN HOUSE...': PIYUSH GOYAL SHARES HIS HOMEBUYING NIGHTMARE


THIS UNCERTAINTY, AS GOYAL POINTED OUT, WAS ONCE COMMONPLACE IN INDIA’S REAL
ESTATE SECTOR. BUYERS WOULD FIND THEMSELVES AT THE MERCY OF DEVELOPERS AND
INCOMPLETE LEGAL PAPERWORK, LEAVING THEIR INVESTMENTS TIED UP FOR YEARS.


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Business Today Desk
 * Updated Sep 28, 2024, 9:52 AM IST

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Goyal highlighted that RERA has not only made developers more accountable but
has also helped weed out dishonest players from the market

Commerce and Industry Minister Piyush Goyal, in a candid revelation, shared a
frustrating experience that will hit home for many buyers: in 2010, he couldn’t
move into his own fully furnished house because the project hadn’t received an
occupancy certificate. 

Speaking at the Credai-NATCON event in Sydney, he said, "Despite my home being
ready by the end of 2012, I couldn’t enter it for nearly five to six years
because it lacked an occupancy certificate." His words echo the struggles many
homebuyers have faced—being stuck in limbo, unable to take possession of
properties they’ve paid for.



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This uncertainty, as Goyal pointed out, was once commonplace in India’s real
estate sector. Buyers would find themselves at the mercy of developers and
incomplete legal paperwork, leaving their investments tied up for years. 

"That was the level of uncertainty that buyers used to face," Goyal explained.
However, he noted that the landscape has shifted significantly with the
introduction of the Real Estate (Regulation and Development) Act (RERA) in 2016,
which he believes has brought much-needed transparency and accountability. "I am
delighted that RERA has changed all of this," he added.

RERA, which mandates developers to obtain critical documents like occupancy and
completion certificates before handing over possession, has been a game-changer.
The occupancy certificate is a vital legal document that certifies a building’s
compliance with local laws and ensures it is safe for residents to occupy.
Without it, buyers can’t legally move into their homes, and they face hurdles in
accessing basic utilities like water and electricity. 



Worse, homes without this certificate can be labeled illegal structures, leading
to potential legal action.

Goyal highlighted that RERA has not only made developers more accountable but
has also helped weed out dishonest players from the market. "We now have a much
more honest regime, and a lot of unscrupulous developers are out of the system.
Bankers are also gaining confidence in financing the sector," he said.

For buyers, this regulatory shift has been crucial in ensuring their investments
are safer than ever before. Goyal’s personal ordeal serves as a stark reminder
of how the real estate sector once operated and underscores the significant
strides made since RERA’s implementation. 

As the minister emphasized, buyers today are far less likely to face the kinds
of delays and uncertainty that plagued his own home-buying journey.






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Published on: Sep 28, 2024, 9:52 AM IST
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