65 Projects approved under RERA in Mysore
A sum of 65 real estate projects in Mysore had been affirmed by Real Estate Regulatory Authority (RERA), which had been set up a year ago to control real estate sector.
A sum of 65 real estate projects in Mysore had been affirmed by Real Estate Regulatory Authority (RERA), which had been set up a year ago to control real estate sector.
20,000 real estate projects have been registered under RERA from across the country.
The ongoing projects developed in rural areas of Rajasthan to be covered under the Real Estate Regulation and Development Act (RERA).
Bombay High Court on Thursday ruled out that all incomplete and ongoing projects to come under the Real Estate Regulatory Act (RERA). Some States such as Haryana, Uttar Pradesh had kept ongoing projects out of RERA ambit. Housing and Urban Affairs Minister Hardeep Singh Puri said there is no scope to loosen the regulation for … Continue reading “All incomplete and ongoing projects to come under RERA”
Bombay High Court is upholding the constitutional validity of the Real Estate Regulation and Development Act (RERA) intimating that “ongoing projects” too would come under RERA ambit, the issue has been settled once and for all by Minister of Housing and Urban Affairs on Thursday. State governments will now have no scope to loosen the … Continue reading “Ongoing projects too would come under RERA ambit”
The Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as RERA Act) intends to provide efficiency and transparency to the real estate market, with one of the key priorities being to defend the interests of purchasers in the real estate sector.
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.
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.
Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as “RERA Act”) basically aims to bring efficiency and transparency to the real estate industry, and one of the main priority to protect the interest of the buyers in the real estate sector.
RERA was implemented to acknowledge and solve discrepancies and issues of home buyers. By establishing rules for the sale of real estate and requiring developers to adhere to certain criteria, it protects the interests of homebuyers.
Section 8 of the RERA is an essential clause that guarantees the protection of homebuyers’ interests in the event that the registration of a real estate project is canceled or expires.
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Homebuyers could only engage in the IBC procedure as a class of financial creditor. Individual homebuyer rights were absorbed by homebuyer rights as a class.
A respondent has violated the provisions of section 18 of the RERA and hence the complainant is entitled to seek interest for the delayed possession under section 18 of the RERA.
Section 18 (1) gives two kinds of rights to the homebuyers i.e. right to get a Refund along with Interest and the Right to get Compensation.