Punjab RERA: Only 1,500 Complaints from Property Buyers in 5-6 Years

New Delhi, Jun 27 (PTI) Around 2 lakh properties have been sold in the last 5-6 years in Punjab while there are only 1,500 complaints from buyers, said Rakesh Kumar Goyal, Chairperson, RERA, Punjab.

He said even these complaints are related to those projects which were launched before the setting up of the real estate regulatory authority under the RERA law. "Punjab is a very progressive state as far as real estate development is concerned. We have around 3,000 projects registered with us. Most of the projects are delivering well," Goyal said at a conference organised by NAREDCO Mahi, the women's wing of the realtors' body National Real Estate Development Council (NAREDCO).

Goyal noted that Punjab-RERA does not take much time to register projects and it is also ensuring that complaints get disposed of expeditiously. "We have around 2 lakh units which have been sold in the last 5-6 years and the complaints are less than 1,500. Complaints are very few. Out of 1,500 complaints, 80-90 per cent are prior to RERA, taken as ongoing projects," Goyal said.

He added that consumer trust in the real estate market has improved after the passage of the RERA law, which seeks to regulate as well as promote development in the sector. Talking about Punjab's property market, Goyal said the land cost is less in most parts of the state and there is a huge scope for real estate companies to do business.

Speaking at the event, Delhi-RERA Chairman Anand Kumar noted that the RERA legislation has brought a paradigm shift in the real estate sector. He highlighted that most of the consumer complaints in Delhi state relate to projects launched before the enactment of this law. There are 700-800 complaints related to flats sold under the Land Pooling policy in and around Dwarka colony in the national capital, Anand said.