Homebuyers’association asks the government to curb unfair trade practices in the real estate sector

05 Nov 2024 CW Team

A homebuyers' body, Forum for Peoples’ Collective Efforts (FPCE) has written to the consumer affairs ministry, demanding that it frame specific guidelines for the real estate sector to curb unfair trade practices and protect consumer interests.

The letter noted that in many cases, project completion deadlines are not adhered to and infinitely extended at the cost of the homebuyers. In advertisements, builders promise many amenities which in many cases, homebuyers do not find while taking possession of properties.

Citing examples, the association said builders, at the time of giving possession, should complete all the amenities in ready-to-use condition. So the ministry should set guidelines so that homebuyers need not pay over 80 percent of the total amount till the time of handover. The association said it is also necessary to restrict builders from extorting extra money from homebuyers on some pretext or other. As per the government statement in Lok Sabha, over 50,000 such complaints are pending before consumer forums as on 31 July 2024.

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