Status as on- 30/03/2021
The Real Estate (Regulation and Development) Act, 2016 came into force partially on 1st of May, 2016 and completely on 1st of May, 2017. It is considered to be one of the most important enactments in the field of Real Estate sector. The 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.
RERA Registration Process
RERA makes it mandatory for every Real Estate project to get registered. Also its makes Agent registration compulsory. Sec 3 of the Act clearly states that No promoter shall advertise, market, book, sell or offer to sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority.
UPRERA has recently issued a big order with regard to buyer-builder transparency, making it mandatory for the builder to mention a special number that is the Registration number at the time of marketing & advertisements failing to which action would be taken against concerned developers/builders.
Complaints for Possession and Refund
According to the Act, complaints seeking possession along with interest for delay is filed before the Authority in the respective formats. In case the buyer is seeking refund along with compensation under section 18 of the Act, such complaint shall be filed before the Adjudicating Officer (AO) in the respective formats.
However there might be slight changes in the abovementioned rules depending upon the state wise RERA.
The Real Estate Appellate Tribunal
According to Sec 43 of the Act, any person aggrieved by any decision or order made by the Authority or by an Adjudicating officer under this Act may prefer an appeal before the Appellate Tribunal having jurisdiction over the matter. The Appellate Tribunal has the power to regulate its own procedure.
Any person aggrieved by an decision or order of the Appellate Tribunal, may file an appeal to the High Court, within period of 60 days from the date of communication of the decision or order of the Appellate Tribunal.
Chapter VIII: Offences & Penalties
Chapter 8 of the Act talks about Offences where Promoter fails to complete the registration process as discussed in chapter 2 of the Act. It also deals with offences where the Defaulter fails to comply with the orders of the Authority or AO. There are also expressed provisions in concern with the penalties and its adjudication for such offences. Sec 64of the Act also talks about the penal provisions in case of contravention of the orders of the Appellate Tribunal.
Every state in India has established its own RERA Authority dealing with all matters in concern with Real Estate sector. Though RERA is quite swift in resolving the issues but execution of the orders passed by the Authority is still a big question. It’s high time for the higher authorities to enhance the powers of RERA making it more effective so that aggrieved Homebuyer can retain his faith in the justice system.
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