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.