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.
Prior to the RERA Act coming into force, the real estate sector in India was mostly unregulated, with no standardization of business operations or transactions. Due to a lack of a legal framework, home buyers/allottees were often confronted with issues such as project delays, price increases, and poor building quality.
The parliament in order to regulate this one of the fastest-growing sectors passed “The Real Estate (Regulation and Development) Act, 20164 which came into effect on 1st May 2016.
Amrapali Group is one of the biggest case where lot of homebuyers were struck. The plight of homebuyers of stuck projects is being heard. Hon’ble Supreme Court while hearing the matter of Amrapali Group, on 01/09/2020, asked SBIcap to issue funds of Rs. 625 Crs from the SWAMIH Investment Fund to complete the pending 6 project of Amrapali Group.
The MahaRERA in three separate orders directed the CCI Projects Ltd to pay interest on delayed period of possession after the ongoing six-month moratorium due to covid-19 crisis is over.
Real Estate Regulatory Authority in Uttar Pradesh orders Forensic audit of errant developer 3C.
TNRERA has come to the conclusion that the builders/promoters are not allowed to split the project until the consent from the two third buyers of the project have been obtained.
Almost every State RERA Authority has started functioning to serve the purpose of the Act and ensuring that no provisions are left untouched by the Builders or Developers. In this article we are going to discuss about the functioning of Tamilnadu RERA Authority.
With real estate accessible in relatively every corner of the State, from shops offering photocopying facilities to visit organizations, one would envision that the total of all the real estate agencies could run into a few thousands.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has created a forum of 33 conciliators to set up 15 groups containing two individuals each
A detailed article where we are explaining that why RERA Registration is the must for Builders?
If any on-going project has not registered under respective State RERA, such project may have to face huge penalty which may be up to 10% of the project cost.