Ministry of Housing and Urban Development issues notification asking RERA Authorities across India to grant extension to Real Estate Projects for a period of 6 months and maximum to a period of 9 months.
The UPRERA allowed the homebuyer’s association of a project to take charge of the completion of four stuck projects. Discussions are still going on with the original builder Jaypee Associates to come on board as contractor.
The RERA Act empowers the Regulatory authority to call for information or conduct investigations. These investigations have been mainly in the form of financial audit conducted by the auditors.
The RERA Authorities of the various States have passed some landmark Judgments as RERA law provides them sufficient powers for the smooth functioning of their duties and role.
RERA Authorities are functional in almost all states. The authorities though being on nascent stage are trying their best to deliver justice to all the aggrieved homebuyers.
In the hue and cry of registration process after the implementation of RERA many builders were unable to provide all the documents and information while getting the project registered.
The government is undertaking efforts to establish homebuyers’ confidence for committing to under-construction homes by encouraging states to implement RERA, which would protect the buyer’s interests