KNOWLEDGE CAPSULE

What began as a mission to empower home buyers, now has a concrete existence in the form of RERA.

Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act shall came into force with effect from May 1, 2017, thereby laying the foundation to address the grievances of the aggrieved home buyers. For years, the complaints would lie in either the Consumer courts or in Civil Courts. The long drawn litigations relating to the disputes between the Home Buyers and the builders often caused distress to both the parties. Thus, the birth of RERA is the hope for speeding up the litigations as also to keep a leash on the fraudulent and defaulting builders. RERA is a game changer like many other economic reforms that have taken place since the inception of the Modi Government.

RERA takes into its purview the Promoters as well as the Real Estate Agents.


The key components of Real Estate (Regulation and Development) Act, 2016 are as follows:

1.

Real Estate Regulatory Authority and Appellate Tribunal

The key responsibilities of the Authority shall be as follows:

  • Ensuring Disclosures of Real Estate Projects by Promoters
  • Real Estate Projects Registration
  • Real Estate Agents Registration
  • Complaints Redressal

2.

Real Estate Projects Registration

4.

Real Estate Agents Registration

4.

Filing of complaints

5.

Financial Discipline

6.

Transparency

7.

Citizen Centricity.

If the builder or developer has not handed over the property by the date mentioned in your agreement for sale or if the registration granted by the Regulatory Authority has been suspended or revoked, you have the right to withdraw from the project.

If you choose to withdraw from the project, you have the right to be compensated for the full amount you have paid till date along with interest. You get this right as soon as the date has passed - you do not have to file a complaint or case at this point. The developer and/or builder is supposed to compensate you as soon as you make the request.

If you choose not to withdraw from the project, you have the right to be compensated with interest for every month of delay. The exact interest amount will differ from state to state and depend on the state regulations issued.

If the builder or developer is not voluntarily compensating you, you have the right to file a complaint before the Regulatory Authority. Each state Regulatory Authority is supposed to appoint an officer who performs the functions of a judge. She will conduct an inquiry and pass an order once she has decided whether you are actually supposed to get the interest or money spent.

You need not compulsorily hire a lawyer to represent yourself. You can appear yourself or even hire a chartered accountant or cost accountant or company secretary.

If you are not satisfied with the decision of the officer, you can file an appeal before the Appellate Tribunal set up under this law within 60 days.

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Disclaimer

Thank you for visiting our website. We are currently updating our website towards compliance of the newly introduced housing law for the State of Maharashtra i.e. the Real Estate (Regulation and Development) Act, 2016 and the rules and regulations notified thereunder.

In the interim, no information, images or material which is currently available / displayed on the website relating to builder projects shall be deemed to constitute any advertisement, invitation, solicitation, offer or sale of any such builders product offerings. Please contact us for any enquiry.

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