Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.
The Finance Minister disclosed that the stimulus package is a 15 step measure, the Tranche 2 announcement on 13th May 2020 disclosed 9 steps so far and that further steps to actualize the goals of AatmaNirbhar Bharat
As a buyer if you aware that a project should be registered then you can move a plain application to that effect before the RERA Authority and they shall take a suomoto cognizance over the same.
UP RERA has imposed a fine amounting to Rs.1 Crore on ANSAL API for the non-compliance of orders passed by the authority.
The on-going projects cannot come under the category of the new projects only for the purposes of not paying the penalty against the delay in registering an on-going project.
The State government advised the builders to register to register their ongoing projects under RERA Act. If the promoter fails to do so, they will be inviting cumbersome penalty.
UP RERA, considering the surge of Covid-19 and restrictions imposed on construction due to an increase in pollution, has extended the registration of the projects, by default, for which no promoter has to file an application before the Authority.
The real estate sector was unregulated for a long time. If customers experienced delays, they had little redress. Because court disputes may take a long time, most customers were at the discretion of the builders. A proper complaint process has emerged as a result of the implementation of RERA.
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 provisions were not sufficient to render punishment to the developer and the builder for misconducting and breaching the terms and conditions of the builder buyer agreement in the long run.
Kind of strong initiative by the authority gave a ray of hope to homebuyers as their rights are more protected now than ever. The authority is taking every possible step to avoid the violation of the provisions of the RERA Act and to protect the interest of the homebuyers.
Looking upon the pendency of cases, people have to wait for years to get relief even after having all the merits of the case. Let’s Understand What is RERA and RERA procedure.
Main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector.
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.
UPRERA Authority has imposed penalty of Rs 2.5 crore against 11 developers for failing to comply with the authority’s order, which were in favor of homebuyers.
join For Updates