Mumbai is surrounded by multi-storied buildings and most of them are run by co-operative housing societies and that is a good sign to address grievances within their own ranks then and there. But there is no one to support home buyers. At a time when the economy is witnessing money crunch, number of flats are falling vacant waiting for buyers. Despite demonetisation, the builders and developers are unwilling to reduce rates for the benefit of home buyers. And in the bargain of buying a home of their own number of buyers were cheated with false promises and getting back the invested money is a herculean task. Again, some of the builders are not handing over the possession within the stipulated time and make the buyer dance to his tune. Despite penalty clause, the developers are not prepared to pay the interest load for the late delivery of flats. The need for a regulator was felt for a very long time and the Maharashtra Government has appointed a high official to address the grievances in a right manner. It is a step in the right direction and the Mumbaikars will welcome this move in a very big way.
(The views expressed by the author in the article are his/her own.)