Investor recounts 2011 plot purchase in Sector P, paid 50% booking amount: Gagan Tandon shares his experience.

However, the project was delayed, and the developer failed to provide updates. After several complaints and no progress, Tandon discovered that the developer had diverted funds to another project. This case is just one of many in the real estate sector in India, where buyers are facing similar issues. With the real estate industry being a significant contributor to India’s GDP, the government has been taking steps to regulate the sector better. The Real Estate (Regulation and Development) Act, 2016 (RERA) was implemented to bring transparency and accountability to the real estate market. Under RERA, developers are required to register their projects and provide regular updates on the progress. Buyers are also protected as developers are required to deposit a percentage of the project cost in a separate account to prevent fund diversion. Despite these regulations, cases like Tandon’s continue to occur, highlighting the need for stricter enforcement of rules and regulations in the real estate sector. As buyers navigate the complexities of the real estate market in India, it is crucial for them to conduct thorough due diligence before investing in any project to avoid falling victim to fraudulent practices.

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