RERA Master

CA Ramesh Agrawal The Real Estate Regulation & Development Act, 2016 (RERA) was passed in the Parliament in March 2016 & it came into effect from 1 st May 2016. In May 2022, RERA completed 6 Years. RERA law, various decisions of Hon. Supreme Court and other judicial forums like NCDRC, NCLT has substantially empowered the India’s Homebuyers. Modi govt realised that the homebuyers were being cheated by many builders and these builders need to be brought to justice thus brought such laws. Initial few years after implementation of RERA was spent getting the legal structure in place. Currently Regulatory Authorities & Appellate Tribunals have started taking stringent action in many cases if not in all cases. In many of the cases, remarkable decisions have been taken by the RERA Authorities. Many homebuyers have got justice through RERA and other courts. In a case of Gurugram, RERA issued arrest warrants against the directors of a Real Estate Company and in another case, it dire

                                                           CA Ramesh Agrawal The Delhi Police’s Economic Offences Wing (EOW) has arrested a Builder who has cheated 31 persons of more than 10 Crores for booking of flats & shops at a real estate project in Haryana’s Rewari. Deepak Gusain, a resident of Ghaziabad in Uttar Pradesh is the accused who has been absconding for a  long time & look out notice was issued for him. As per the officials, Pankaj Gusain advertised for booking of flats & shops in real estate project in Rewari for his company named “Asian Developers Private Limited” in 2012. Buyers made bookings & regular payments were made by them, but the construction was stopped by builder in April 2014. The facts were misrepresented by the Builder before the public at large which induced them to invest in the project. Builder assured the investors for timely possession within 27 Months but after some time the construction was stopped & the builder went untr