Enacting of the RERA Act, 2016 made registration and duties of promoters and real-estate agents compulsory. The reason why the process of registration and duties of the mediator are specified is accountability and regulating promoters and real estate agents through a supervisory body.
The parliament in order to regulate this one of the fastest-growing sectors passed “The Real Estate (Regulation and Development) Act, 20164 which came into effect on 1st May 2016.
The Authority has the power to hear the grievances of the allottees regarding execution of the orders and the Authority also has the powers to pass orders:
The RERA Act is the best reform happened for the homebuyers. If in any situation a dispute arises, the offences, procedure and penalty is being clearly stated.
According to the provisions of the agreement, if possession is not handed over on time, the Promoter is obligated to pay or compensate the Complainant/allottee for loss of rent.
The Ministry of Housing and Urban Affairs published a progress report of RERA cases on May, 1 2021 which accounts to 75% of the total disposed cases in the region of Uttar Pradesh, Maharashtra and Haryana.
whereas legislation like RERA provides for individual remedies against the Builder, the IBC Code gives collective control over the affairs and management of the Corporate Debtor to its financial creditors.
The Hon’ble Supreme Court’s decision is a watershed moment for homebuyers and allottees. A number of findings in the current judgment support this conclusion, including parallel remedies under RERA and the Consumer Protection Act.
Hon’ble SC clarified the position of the homebuyers similar to that of a “financial creditor” under the IBC, after this the homebuyers were at a par with banks and financial institutions.
UPRERA has imposed a cumulative penalty of over Rs 1.93 crore to 14 promoters over non-compliance of its orders under Section 63 of the RERA Act.
Kerala RERA has warned promoters, agents, firms from advertising real estate projects prior to registering the project and also issued show cause notices to few developers which had indulged in such practice.
Builders requested that Refund and penal orders to be set aside or be reviewed due to the COVID-19 outbreak financial markets are seeing an all-time low.
GujRERA authority has extended benefit to more than 80% of the ongoing projects across the state which are likely to be completed in the next four years.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
States were directed to establish a regulatory authority, whose work was to overlook the registration process and ensure compliance of the policies of the state.
join For Updates