Establishing Real Estate Regulatory Authorities in every Indian state to oversee, adjudicate, and arbitrate any disputes pertaining to real estate projects in the state.
Set up a fast-track mechanism for resolving disputes, involving an appellate tribunal and adjudicating officers.
RERA must be registered for all real estate projects for the authority to have jurisdiction. If guidelines are not followed, the authority can reject a particular project’s registration.
A promoter who wishes to transfer to a third party a majority of rights and responsibilities in a real estate project will need to obtain written consent from two-thirds of the allotees and RERA’s approval.
The buyer and the promoter will both be liable for an equal rate of interest if there is any default on either side.
It is the promoter’s responsibility to compensate the buyer for any losses caused by other persons laying claim to property (defective title of land) which is under construction or has been constructed.
A complaint can be filed with RERA if a promoter, buyer, or agent violates the provisions or rules of this Act.
In the course of an investigation, RERA may halt an agent, promoter, or buyer from engaging in any activity against which a complaint has been raised.
The aggrieved party can file an appeal with the Appellate Tribunal if any of RERA’s decisions are not satisfactory.
Promoter failure to comply with RERA’s orders could result in a penalty of up to 5% of the evaluated cost of the property.
For failure to comply with the Appellate Tribunal’s orders, a penalty can be imposed. This can be either imprisonment for up to 3 years or a fine (up to 10% of the approximate cost of the project), or both.
The person in charge of the business and the company at the time that the offence was committed will both be held responsible and punished if the company commits an offence under this Act.
Any action taken by RERA or the Appellate Tribunal will not be subject to the jurisdiction of the civil courts. As a result, the court has no power to grant an injunction related to RERA’s or the Tribunal’s actions.
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Kishan Thakkar is working as a writer for the real estate and architecture industry. His experience includes working for various reputed firms. He is currently pursuing MBA in Business Management and handling operations for The Real Talks platform. He has a penchant for research, analysis, and understanding various fields. Discipline is the key to balance his diversified interest and work routine.