• Real Estate Regulatory Authority [RERA]

  • Real Estate Regulatory Authority [RERA]

    The real estate has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein is only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization.

    The Real Estate Bill was passed by the Rajya Sabha on 10th March, 2016 and the Lok Sabha on 15th March, 2016. The Bill as passed by the Parliament was assented to by the Hon’ble President on 25th March, 2016. The Act as assented to by the Hon’ble President of inda, as also the same was published in the Official Gazette on 26th March, 2016 for public information. The objective of the Real Estate Regulation and Development (RERA) Act, 2016 essentially is to reform the real estate sector in India. 

    The Regulatory Authority is required to be established by the State Government. For speedy implementation of the Act. The Chairman and the Members of the Authority are required to be appointed by the State Government. The immediate responsibility of the Regulatory Authority are;

    • Registration of the real estate project and the real estate agent.
    • Extension of registration of the real estate project and its revocation.
    • Renewal of registration of the real estate agent and its revocation.
    • As per section 34 the Authority is responsible to the maintain a website of records for public viewing of-

    The Authority should endeavor to dispose of the questions/complaints as expeditiously as possible but not later than sixty days from the date of filling the same. However, where it could not be disposed of during the said period the Authority is required to record its reasons for the same.

    The vital aspect of this stream of law are as follows:-

    • The Real Estate (Regulation And Development) Act, 2016
    • RERA notifications- Pertaining to the States.
    • Check List of the related documents necessarily required for registration.
    • Complaints to the concerned Authority. 
    • Legal Cases before Adjudicating Authority & the Appellate Authority.  
    • State wise RERA registered projects, real estate agents along with their RERA registration details.
    • Powers or Authority [RERA/ REAT] to issue directions & interim orders. 
    • Amounts and compensation- Recovery of interest or penalty or compensation
    • Enforcement of order, etc.
    • Rights & Duties of the Allottees.
    • Orders passed by Appellate Tribunal to be executable as a decree.
    • Right to legal representation.
    • Offences. Penalties, & Adjudication thereof. 
    • Offences by companies.
    • Compounding of offences.
    • Bar of jurisdiction.
    • Cognizance of offences.
    • Act to have overriding effect. 

    The objectives of the Act:

    • To ensure accountability towards allottees and protect their interest;
    • To infuse transparency, ensure fair-play and reduce frauds & delays;
    • To introduce professionalism and pan India standardization;
    • To establish symmetry of information between the promoter and allottee;
    • For imposing certain responsibilities on both promoter and allottees;
    • To establish regulatory oversight mechanism to enforce contracts;
    • To establish fast-track dispute resolution mechanism;
    • To Promote good governance in the sector which in turn would create investor confidence.

    Benefits of RERA for NRI Property Buyers

    Advantages of RERA for NRIs looking forward to invest in the real estate sector of India.

    • Under RERA, real estate projects in each city are monitored by respective Real Estate Regulatory Authority of that state, thus ensuring higher transparency and providing safety norms to the buyers.
    • Due to the presence of RERA, the investment in the Indian realty sector is going to reap regular rental returns along with the appreciation of the property.
    • The RERA has been formulated taking into consideration many prevailing rules and policies, thus maximizing the scope of investment in India for the NRIs.
    • RERA has simplified the purchasing process, thus making it easier for buyers to do transactions and avail the benefits of opting for the home loan.
    • The interesting investment opportunities with lighter regulations has increased the transparency, price stability and enhanced affordability.  

    Courts & Fora

    • Real Estate Regulatory Authority [RERA]
    • Real Estate Appellate Tribunal [REAT] 
    • High Court- Appeal Thereto.
    • Supreme Court Of India- Special Leave Petition [SLP] Thereto. 

    We, at Hello Counsel, are committed to a give an entirely new dimension to the Indian real estate sector. Our legal team helps, day in and day out, our clients, Indian & NRI, understand fundamentals of RERA. They also help them in hassle-free pursuing of their Complaint/ Cases before the Adjudicating Authority/ Appellate Tribunal & High Courts and Supreme Court Of India.

    Kindly CLICK HERE or e-mail us at office@hellocounsel.com if you are facing any Legal Issue with respect to RERA and want to have Legal Consultations with the empanelled Lawyers at Hello Counsel.

All original content on these pages is fingerprinted and certified by Digiprove