RERA Master

One of the main causes of litigation against the builders in RERA is the delay in giving possession to the buyers. In that case, the buyers have only one way out i.e. taking appropriate legal recourse against the builder. Now that there is a separate authority for regulation of the Real Estate sector, the buyers have been rushing to RERA seeking justice. The scenario is changing with the implementation of the Real Estate Act, RERA has been of immense help to homebuyers all across the country. Here are the major reasons which lead to litigations against a builder – 1.     Delays in delivery of projects This is the most concerning issue with the homebuyers as it tends to create a lot of trouble for them. With the help of RERA, it is now easier for buyers to file a complaint and in contrast, inflexible for builders to divert from the delivery date of their project. 2.     No Delivery at all There are many cases wherein the builder took booking amount and other ins

One of the most globally recognized sector i.e. the real estate sector ranks 3 rd among the 14 major sectors in the country in terms of direct, indirect and induced effects in all sectors of the economy. The Real estate sector is an important pillar of the economy fulfilling the demand for infrastructure in the country. While this sector has grown significantly in recent years, it has been largely unregulated, with absence of professionalism, standardization and lack of adequate consumer protection. Though the Consumer Protection Act, 1986 is available as a forum to the buyers in the real estate market, the recourse is only curative and not adequate to address all the concerns of buyers and promoters in the sector. The real estate industry had been crying out to get regulated since more than past one decade. In view of the above, the Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted by MODI Government with the objective of protecting the interests of buyer

The new legislation Real Estate (Regulation and Development) Act, 2016 (known as RERA) was enacted with the aim of protecting the interest of the Real Estate sector and specially the buyers. Before this law was enacted real estate buyers were exploited by builder mafia in many ways like (a) property was never handed over to the buyers, (b)   handed over very late without any compensation for the delay (c) delivery of the property was not as promised (d) money was taken from home buyers but even construction never commenced, etc. The whole real sector industry will immensely benefit because of this game changing law. Homebuyers were the main victims and they will benefit the most. Following are the benefits to buyers :- ·          It is mandatory for the Promoter/Builder to register the project with RERA and the completion time of the project is to be specified in the RERA application form for registration alongwith several other details like no of units, specifications,