Skip to main content

Homebuyers Benefited from RERA but a long way to go


CA Ramesh Agrawal

The Real Estate Regulation & Development Act, 2016 (RERA) was passed in the Parliament in March 2016 & it came into effect from 1st 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 directed to freeze all the bank accounts associated with real estate entity.

Similarly, Uttar Pradesh, RERA imposed penalty of Rs. 1.40 Cr on 9 builders for non-compliance of the orders. Similarly in another case, Maha RERA ordered a builder to pay Rs. 10,000 daily until the possession of flat was given to homebuyer.

Homebuyers are still not 100% sure that the RERA Laws can help them with timely possession of their promised Flat or Home, etc but they have hope of getting delay penalty charged from builder. Despite the success, there is a long way to go as real estate sector is still far from removing its malpractices.

 

Comments

Popular posts from this blog

Mandatory Uploading of Occupancy and Completion Certificates

  CA Ramesh Agrawal In a significant move to enhance transparency and protect homebuyers' interests, the Odisha Real Estate Regulatory Authority (ORERA) has mandated that developers upload occupancy and completion certificates of housing projects onto its official website. This directive aims to ensure that residential projects comply with established norms and are fit for habitation.​ Definition of Certificates: Completion Certificate: A legal document confirming that a building has been constructed in accordance with approved plans and complies with all applicable regulations. Occupancy Certificate: A document issued by the local authority certifying that a building is suitable for occupation, ensuring it meets all necessary safety and habitability standards. Mandatory Upload Requirement: Developers are now required to upload both completion and occupancy certificates onto the ORERA website upon proj...

DEMOLITION OF ILLEGAL FARMHOUSES IN ARAVALLI AREA IN GURUGRAM

CA. Ramesh Agrawal The Duty Magistrate has been appointed to demolish all the illegal farmhouses on Aravalli forest hills will start soon. On the report of Forest Department, approximately 100 illegal farmhouses were built on the Aravalli forest area in Gurugram district, mostly in  Gwalpahari and Garatpur Bas villages and areas of Sohna and Manesar and these farmhouses were built in around 50 acres of land without any prior permission from the concerned authority. Nearly all illegal farmhouses are allegedly possessed by retired bureaucrats and politicians. As per the order of the National Green Tribunal demolition of the illegal farmhouses on forest land in the Aravalli region in Gurugram district by January 31. In a survey, the Forest department found approximately 100 illegal farmhouses were built in the Aravalli hills while the cases 10 farmhouses owner are pending in the Court. Requisition was made by the forest department to the District Administration for...

Income Tax Exemption To Owners Of Unauthorized Colonies In Delhi

                                                                                                                            CA Ramesh Agrawal Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rates below the prevailing market price.   The Income Tax Department issued a Notification grating the exemption on any immovable property being land or building, purchased by a resident of unauthorised colony in Delhi NCR and the Central Government has regularised the transactions in ...