FPCE Urges PM Modi to Overhaul RERA as Rs 12.44 Lakh Crore Remains Trapped

The Forum for People's Collective Efforts (FPCE) has submitted a representation from Mumbai to Prime Minister Narendra Modi, urging the Union government to overhaul the Real Estate (Regulation and Development) Act, 2016, as the law nears its 10-year milestone.

The homebuyer advocacy body called on the Centre to transform the existing framework into a dedicated Real Estate Homebuyer Protection Act. According to the forum, RERA's core objective of safeguarding property buyers has remained largely unfulfilled across the country.

In the submission addressed to the Prime Minister, FPCE president Abhay Upadhyay stated that widespread regulatory failures and institutional shortcomings have severely compromised the law's effectiveness. The organization noted that persistent issues continue to plague the sector despite nearly a decade of RERA's enforcement.

A central concern raised in the representation is the claim that Rs 12.44 lakh crore remains trapped in delayed housing projects. The forum highlighted this backlog as evidence of the regulatory system's inability to prevent widespread project stalls.

To address these systemic breakdowns, the FPCE urged the central government to enact stronger measures centred on promoter accountability and more robust grievance redressal mechanisms for affected buyers.