According to a leading Real estate website in India, a pan India
homebuyers pressure group has made a recommendation to the government that it
form a solution similar to the one it created for Satyam Computer's bankruptcy
and sale in 2009, but, today for builders. According to this pan India group of
homebuyers builders are in the process of deconstructing their companies with
the goal of leaving them bankrupt once the RERA is in force. Many in this pan
India group of buyers have invested their life saving with builders and are
appealing to the government to offer them reprieve.
Builders Alleged Pre RERA Rollout Antics
The "Fight for RERA"
group, as the pan India home buyers group is called, has written to the PM of
India and stated that numerous builders are laundering money and are stripping
their companies of assets in an attempt to enrich the builders and leave their
companies bankrupt.
Fight for RERA claims that time is
of the essence in this matter and any delay would leave homebuyers permanently
in a lurch as they believe that the builders companies will be hollowed and
unable to complete any project.
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Dishonest Builders be Given Satyam Treatment
For the reasons mentioned the
homebuyers group feels that the government should take action against dishonest
builders in a manner similar to that taken against Satyam Computers in 2009
when the government reconstituted Satyam's Board of Directors with new members.
The new board of Satyam in 2009 oversaw the transition from the earlier owners,
the Raju's, to the Mahindra Groups Tech Mahindra. According to one real estate
website, Tech Mahindra acquired the then Satyam Computers through a global
competitive bidding process and later through an open offer on Satyam.
Fight for RERA Lament's Current Inaction
According to a some leading real
estate websites and portals, Fight For RERA has stated that despite the
activism from homebuyers, orders and directives from various authorities and
courts, builders with unfinished Property
in india do not as yet feel the heat to complete their projects. Hence
Fight for RERA has pleaded that the Judiciary and Executive should work in
tandem to compel rogue builders to fall in
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