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Advocates for Real Estate (Regulation And Development) Act

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Over the last decade many housing units and apartments coming up in your cities and areas. The real estate price has been sky rocketing. The demand for housing is ever increasing. Government schemes were unable to cope with the demand. Private players took over real estate industry by storm. They were non-sensitive to consumer needs. Unfair and one sided contracts left consumers helpless. Earlier Existing laws were not regulated to check the real estate sector in India. Consumers were being forced to sign discriminatory clauses. Developers used to enjoy unreasonable power. consumers could not get info & accountability from erring developers. Litemoffers the best legal services for RERA litigation in Delhi/NCR

Thus after lot of deliberation, amendment & opposition, the Real Estate Act got passed. The main object of the Real Estate Act is to re-establish consumers’ confidence. Transparency and accountability is important to consumers. This act helps in assessing long term goals and financial capital markets.

Aim of the Real Estate Act

The aim of the Real estate act is to promote and regulate real estate industry. Transaction are being regulated between promoter & buyer. Both industrial and commercial projects are being covered by this act.

Real Estate Regulatory Authority in short is RERA. It is the authority to handle real estate disputes. Every State in India has its own RERA check and regulate real estate projects. This act aims to protect buyers’ interests. It helps buyers to invest in real estate ensuring transparency & accountability from developers.

Objects of Real Estate Act

  • Promote accountability and transparency in housing and real estate transactions
  • Ensure common regulatory environment for speedy adjudication of disputes. This leads to real estate growth.
  • Attracting foreign and domestic investment to the industry
  • Promote efficient project execution and standardization
  • Single window system to clear real estate projects

Features of the RERA Act

  RERA Establishment

It led to RERA in every State. Incorporation & establishment of Real Estate Regulatory Authority in every State is in existence. RERA is the authority to track and handle real estate project disputes

  Fast Track Dispute Resolution.

  RERA Registration Mandatory

  Project Details on RERA Website.

  RERA Approval

  Project Advance

  Separate Account for Project Amount

Promoter should deposit 70% of project amount into separate account. This money should cover land and construction cost. Promoters can withdraw the amount after certification from an engineer, architect & Chartered accountant.

  Insurance Policy

  Transfer of Project

  Interest on Default

  Promoter Compensation

  RERA Complaints

  RERA Powers

RERA has power to restrain the act of buyer, promoter or agent during inquiry. It can stop him from continuing the complained act.

  Appeal with Tribunal

  Punishment

  Failure to comply RERA directions

  Failure to comply Appellate directions

  Offence by company

  No Civil courts