RERA was instituted to improve responsibility and clearness regarding housing matters and real estate.
Here are the salient features of the RERA Act:
- Institution of Real Estate Regulatory Authority in various states of India to monitor and mediate and negotiate any disputes concerning real estate schemes in the concerned state.
- Demonstration of a fast-track tool for settlement of conflicts. This will be done via an appellate bench and dedicated adjudicating magistrates.
- All real estate projects must be registered with RERA so that the authority will have jurisdiction over the projects. The organization can reject the registration of a particular project if guidelines have not been adhered to.
- Suppose a promoter wants to assign or attribute a preponderance of your rights and liabilities to a third party in a real estate project. In that case, written consent from two-thirds of the allottees will be needed in addition to the written permission of RERA.
- If there is any default from the side of the buyer or promoter, both will be liable to pay an equal rate of interest.
- Suppose the promoter causes any losses to the buyer due to other people putting a claim to property (defective title of land) under construction or has been constructed. In that case, the promoter will have to repay the buyer. There is no limitation provided by any law currently concerning the compensation amount.
- If a person has any problems concerning infringement of the prerequisites or rules of this Act by a promoter, customer, or an agent, they can file a complaint with RERA.
- While an examination is being practiced, RERA can stop an agent, promoter, or buyer from proceeding with any motion against which a complaint has been raised.
- If any of RERA’s decisions regarding a grievance is not competent, the aggrieved party can submit an address before the Appellate Tribunal.
- If the promoter fails to follow RERA’s orders, they will have to pay the penalty. This amount could be up to 5% of the evaluated cost of the property.
- If the Appellate Tribunal’s orders are not complied with, a penalty will have to be paid. This can either be imprisonment for up to 3 years or a fine (up to 10% of the project’s estimated cost), or both.
- If a company performs misbehavior under this ACT, any person in command of the industry at the time of the offense being perpetrated and the company will be held guilty and punished.
- No civil court will have any authority concerning any matter that comes under RERA or the Appellate Tribunal’s authority. As such, no court can confer a command regarding any action taken under the RERA Act.
For more information regarding Real Estate Regulatory Authority (RERA) contact our team of experienced lawyers who are trained in such cases and can provide the best information concerning your issues related to the purchased property.