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In a candid moment at an event organized by the developer fraternity, Union Minister Piyush Goyal opened up about the challenges he faced while purchasing a home in Mumbai. Highlighting the plight of many homebuyers, Goyal revealed that even a top minister from Modi’s cabinet was not immune to the issues prevalent in the real estate sector.

Goyal recounted that he bought his home in 2010, with the expectation that it would be ready for occupancy shortly after. While the property was completed in 2012, it faced significant delays, as the building did not receive its Occupation Certificate (OC) for another five years. This protracted wait exemplifies the struggles that many buyers faced in the pre-RERA (Real Estate Regulatory Authority) landscape, where regulatory oversight was lacking.

Reflecting on his experience, Goyal emphasized that the real estate market during that time operated in a “different orbit,” highlighting the need for reforms to protect homebuyers. His comments resonate with countless individuals who have encountered similar frustrations in their quest for housing.

Goyal’s story serves as a reminder of the importance of accountability in the real estate sector and the ongoing need for regulatory measures that prioritize the rights and interests of homebuyers. His experience underscores the challenges that even influential figures can face in the complex world of real estate transactions.

Also Read: At USD 2.5 Billion, Q2 2024 institutional investment in Indian real estate touches a 3-year high

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