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.
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.