Real Estate (Regulation and Development) Act, 2016 (RERA), a transformative legislation in India. Enacted to regulate the real estate sector and safeguard the rights of homebuyers, RERA has ushered in a new era of transparency and accountability.
RERA has instituted Real Estate Regulatory Authorities (RERAs) across states and Union Territories, ensuring robust oversight of real estate transactions. The key provisions include mandatory project registration, disclosure of comprehensive project details, establishment of escrow accounts for fund management, penalties for project delays or legal violations by developers, and a mechanism for grievance redressal through RERAs and Appellate Tribunals.
This legislation has significantly empowered homebuyers, offering remedies and protection against malpractices. The mandatory registration and disclosure requirements enable informed decisions, while the escrow accounts ensure that funds are dedicated solely to the designated project. Penalties imposed on developers for delays or breaches contribute to a more accountable real estate sector.
Important Rera Judgements taken by MahaRERA under different circumstance
RERA’s impact extends beyond regulatory measures; it has bolstered consumer confidence by reducing fraud and malpractices. Homebuyers now navigate the real estate landscape with increased assurance, armed with the ability to scrutinize project details and seek recourse through established channels.
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