In today’s world, everyone wants to have their own home that suits their budget. Considering their pockets, home buyers’ go for pre-launch housing projects that generally costs less as compared to ready-to-move-in projects. Most of the builders promise to build futuristic homes by engaging their extensive domain expertise. The reputed ones fulfil their promise, but some fail to do so and the buyers get trapped in the web of delays in the delivery of their homes. To help buyers come out of this trap, the Indian government implemented the Real Estate (Regulation & development) Act on May 1st, 2016. This Act aims at protecting consumers’ interests, empowering realtors & buyers by infusing much-needed transparency & efficiency and developing the Indian real estate sector.
On 1st May 2017, nine states and six Union Territories notified the RERA rules and other states will notify and set up the tribunal soon.
In order to cope up with the delayed delivery of homes, the RERA have special provisions in the store that will mandate developers to bring efficiency in their business and will bar them from making flaws.
Although, the RERA have provisions to protect buyers’ interest, but it can only help when states will notify the rules on the lines of the Central Government’s recommendations. Even though the rules are in line, the state’s RERA authority has to ensure its fair implementation and take suo moto action. If this happens, the buyers will be the king and the Indian real estate will become one of the top reliable sectors in the world.
The Real Estate (Regulation & Development Act) popularly known as RERA came into effect on 1st May 2016 after the government of India sought to promote discipline and transparency in the real estate sector of the country.
The government of Uttar Pradesh has notified the UP Real Estate (Regulation & Development) Act (RERA) on 29 October 2016. Counting to regulate the real estate sector in the state
We all have heard a proverb “Tit for Tat” but it seems that this is not true when it comes to the RERA.