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Introduction:
The Real Estate (Regulation and Development) Act, 2016 (RERA) is a legislation that was introduced in India to regulate the real estate sector and protect the interests of homebuyers. RERA has established Real Estate Regulatory Authorities (RERAs) in each state and Union Territory to regulate the sector and ensure transparency and accountability in real estate transactions.
RERA has provisions that protect the rights of homebuyers and provide remedies in case of any grievances or disputes. These provisions include:
- Mandatory registration of real estate projects with RERA
- Compulsory disclosure of project details, including approvals, layout plans, and schedule of completion
- Establishment of escrow accounts to ensure that the funds collected from buyers are used only for the specific project
- Imposition of penalties on developers for delay in project completion or for any other violations of the law
- Provision for filing complaints with RERAs and the establishment of Appellate Tribunals for dispute resolution
Read also : “The Impact of RERA on Transparency, Accountability, and Timeliness in the Indian Real Estate Sector”
Overall, RERA has been effective in providing remedies to homebuyers and protecting their interests. The law has increased transparency and accountability in the real estate sector, which has led to improved consumer confidence. Homebuyers can now check the details of a project before investing in it and can file complaints if there are any delays or violations by developers. RERA has also led to a reduction in fraud and malpractices in the sector, making it more reliable and trustworthy for homebuyers.
Read more information about RERA –
1. Website – https://www.dearsociety.in/
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3. LinkedIn – https://www.linkedin.com/company/dear-societyin/
4. Facebook – https://www.facebook.com/dearsocietyMH?mibextid=ZbWKwL
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