To revive the ship the major equipment which is required will be RERA as it will soon accelerate its healing on the damage caused to the real estate sector.
The Hon’ble bench Division Bench of Justice Mahesh Grover and Justice Lalit Batra after hearing the arguments on behalf of the petitioners have issued notice to Union of India.
In case the government issues the notification of superseding the Authority it shall give a reasonable opportunity to the Authority to make representations against the notification.
RERA seems to be on its way to becoming a reality, with most states notifying rules under RERA, and over half of them establishing a permanent authority.
In many complaints, the builder contends that “Interest” is in the nature of compensation and it has to be decided by the Adjudicating officer and RERA Authority does not have any jurisdiction related to the decision of granting interest.
The home-buyers should be aware of all the rights and duties they have so that they can secure their property investment.
The question arises whether after granting the registration the authority can cancel or revoke it if the promoters are not complying with the requirements of the Act or the Rules?
Issues arise that if the project is a new project then it is mandatory for the promoter to get it registered before marketing the same. But what if the project is an ongoing project?
The UPRERA authority planning to cancel the RERA registration or take over the projects if the concerned builders don’t come around finishing the projects.
There are many uncompleted projects which are still lying abandoned or molding into structures at a very slow pace.
MahaRERA which completed a year on May 1 this year is the most progressive authority in India. The authority beyond giving remarkable orders is also trying its best to play the role of regulator.
The Gurugram RERA known as H-RERA is about issue a notification for the builder who are trying attracts the home buyers by making an offer of ‘Assured Returns’.
RERA Authority has decided to form a tripartite committee for the completion of the project. It was also decided by the officials that the committee will constitute a member of UP-RERA, one representative of home buyers and one of builder.
As per the RERA laws, no civil court has the jurisdiction to entertain any suit or proceedings which is empowered to be entertained RERA Authority only.
Delhi has its own full-time real estate regulatory Authority, whereas till now the vice-chairman of the Delhi Development Authority (DDA) was acting as an interim regulator of the Delhi RERA.