Real Estate describes the built environment without which the businesses and society cannot function. The residential and commercial sub-divisions of the Real estate sector is covered under the Real Estate (Regulation & Development) Act, 2016. The aim of RERA Act is to protect the rights and interests of the consumers and to promote uniformity and standardization of business practices and transactions in the Real Estate sector. It also attempts to balance the interest of buyers and promoters by imposing certain duties on both of them and seeks to establish symmetry of information between buyer and promoter
The buyers need not undergo a lengthy judicial proceeding before the consumer forum for raising a complaint against builder The adjudication process is in place for dealing with the RERA complaint against builders. Transparency in dealing with RERA complaints and the RERA complaint status is provided in the dedicated website for each state. RERA complaints against Builders ensures compensation by Promoters for delayed possession. RERA complaints have speedy and expeditious disposal.
The Real Estate Act imposes many obligations both on the promoter as well as the buyer. On breach of such obligation, the Authority can, either suo moto (on his own) or on a complaint made in this behalf initiate proceedings against the defaulter
Not advertise/market/book/sell Real Estate Project unless it is registered with the Real Estate Regulatory Authority. Not give any false information in the prospectus/advertisement/notice regarding the Real Estate Project. Hand over the possession of the developed project on the promised date. At the time of booking, make available to the allottees the information regarding the sanctioned plans and layouts plans as approved by the competent authority, the stage wise time schedule for the completion of the project, the provisions for civic infrastructure etc
Generally, two kinds of relief are granted to the Home Buyers when a RERA complaint is filed, viz Compensation for the loss suffered by the home buyers Return of the entire investment to the home buyers Apart from this, the promoter is also punished with financial penalties and even imprisonment in certain cases
The complaint before the Real Estate Regulatory must be made with the following details and documents: Name of the complainant with complete address, email id and phone number Name of the builder/promoter Facts to be disclosed in brief Documents as proof such as the agreements entered/mail transactions/letters exchanged/ Legal Notices sent
Though the Act itself was passed and notified in the Gazette in March 2016, the implementation will be done in a phased manner. Each state has to further adopt the Act and form the RERA for implementation. States can also notify any existing agency as the regulatory authority. Specific provisions may take a little longer to implement but certain compliances on the part of Builders / Developers may become mandatory almost immediately
RERA covers all residential and commercial projects, including shops, offices and buildings.
As per section 3(1) of the Act, ongoing / existing projects, which have not received occupation or completion certificate, shall be covered under the Act. Builders / Developers must register such projects under RERA, within three months of implementation of the Act
Any person aggrieved by the decisions of the RERA or an adjudicating officer can appeal to the Appellate Tribunal