We at the law firm of Ricky Chopra International Counsels, hold superior capability to represent clients before RERA’s original and appellate tribunals. As is known, in 2016, Government of India enacted the Real Estate (Regulation and Development) Act (the “Act”or the “RERA”) and all the sections of the Act came in force with effect from May 1, 2017. RERA was enacted due to increased number of complaints against the promoters which has led to the enacting this act. It aims to
- Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project;
- Protecting the interest of consumers in real estate sector; and
- Establishing adjudicating mechanism for speedy dispute redressal;
Important features of the Act are:
RERA is applicable to both Residential and Commercial real estate projects and acts as the regulator of the real estate sector having powers to create robust and transparent grievance redressal system which maintains the database of the promoters & Projects. It receives complaints from aggrieved customers and adjudicatse the same with the authority to pass interim orders. RERA also mandates the registration of the Promoters and the Real Estate Agents. Main functions and duties of promoters includes disclosure of all relevant information of the project; adherence to the approved plans and project sanctions; rectify structural defects and refund of money in case of default. In case of any default by Promoter RERA has power to penalise them which can amount to 10% or 5% of the estimated cost of the real estate project or imprisonment or both.
RERA enforcement has introduced significant changes in real estate sector of India. The commitment of the government into maintaining fair play in the property business has come as a big relief for the buyers. RERA is a boon for all. The promoters and the real estate agents who suffer from the spread of bad word against them due to some ill practices by some promoters and real agents, also will feel happy and relieved. Similarly buyers on the other hand are now hopeful of getting their dream homes on time or at least they are now compensated for delay. Our corporate lawyers and advocates are experts are handling RERA matters and regularly represent our clients on the same before different foras.