RERA (Real Estate Regulatory Authority) in India provides for compensation to home buyers

The Real Estate (Regulation and Development) Act (RERA) was introduced in India in 2016 to regulate the real estate sector and protect the interests of homebuyers. In Maharashtra, RERA has been implemented to protect the rights of new home buyers and ensure timely completion of real estate projects. One of the key provisions of RERA is the provision for compensation to home buyers under certain conditions.

In this blog, we will discuss

The conditions under which new home buyers can get compensation under RERA in Maharashtra. 

Delayed Possession:

Delay in possession is one of the most common grievances faced by home buyers in India. Under RERA, if the builder fails to deliver possession of the property on the agreed-upon date, the homebuyer can claim compensation. The compensation amount can be up to 10% of the property value, as determined by the RERA authorities. However, if the delay is due to reasons beyond the control of the builder, such as force majeure events like a pandemic, the builder may not be liable to pay compensation.

Who can file Complaint in RERA?

Defective Construction:

Homebuyers have the right to expect that the property they are buying is structurally sound and meets the agreed-upon specifications. If the property has any structural defects or does not meet the agreed-upon specifications, the homebuyer can claim compensation for the cost of repairs. The amount of compensation will depend on the extent of the defects or deviations from the agreed-upon specifications.

Misleading Advertisements:

Builders often lure homebuyers with false promises and misleading advertisements. If the builder has made false promises or provided misleading information in advertisements or marketing materials, the homebuyer can claim compensation for any losses suffered as a result. The compensation amount will depend on the extent of the losses suffered by the homebuyer.

Changes in Project Plans:

Builders may change the project plans without the homebuyer’s consent, which can lead to losses for the homebuyer. If the builder changes the project plans without the homebuyer’s consent, the homebuyer can claim compensation for any losses suffered as a result. The compensation amount will depend on the extent of the losses suffered by the homebuyer.

In conclusion, RERA in Maharashtra provides new home buyers with a range of protections and avenues for seeking compensation in case of any breach of obligations by the builder. Homebuyers must be aware of their rights and take necessary steps to enforce them. RERA has brought much-needed transparency and accountability to the real estate sector in Maharashtra, and has made it a more favorable place for home buyers.

Also Watch : Important Rera Judgements taken by MahaRERA under different circumstance-2

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