India, Feb. 17 -- A few days ago, the Supreme Court made a damning observation against the Real Estate Regulatory Authorities (RERAs), which are set up at the state-level due to the so-called "landmark Indian law" to regulate the sector. The apex court stated that the state-level RERAs, which need to register commercial and residential projects over 500 sq m, and eight apartments or more, respectively, and monitor the plans and progress of the projects, were failures. Instead of helping the homebuyers to get their homes in time, as per plan, and within the original prices, the RERAs benefited the powerful builders.

Now, a homebuyers' body alleges that RERA authorities act against the interests of the innocent, and often powerless buyers....