Would you like if the developer of your apartment doesn’t complete the project on time? Would you like if your queries regarding your property is not properly addressed? Since long the home purchasers griped that land exchanges were disproportionate and intensely for the designers. Thus, something was to be done to answer their grievances. Therefore, the Parliament of India passed the Real Estate Regulation and Development Act in 2016. This act tries to safeguard the home-purchasers while boosting their interest in the land business. The Act sets up a Real Estate Regulatory Authority (RERA) in each state for directing and supervising the Real Estate bodies. Furthermore, it acts as a mediating body for solving problems when clash of ideas takes place.
The Rajya Sabha passed the bill on 10 March 2016 and the Lok Sabha on 15 March 2016. The Real Estate Regulation and Development Act 2016 can be sub-divided into 10 Chapters, which are further classified into 92 Sections. It came into force with its 92 sections on 1 May 2017.
It is trusted that RERA will make it easier to buy property by providing straightforwardness, provided that the states don’t destabilise and weaken the arrangements and the soul of the focal demonstration. The Real Estate Act makes it required for each state and association region, to shape its own controller and casing the principles that will oversee the working of the controller.
The main aims/targets of Real Estate Regulatory Authority (RERA) are as follows:
After getting acquainted with the major objectives of Real Estate Regulatory Authority (RERA), let us understand how is it going to benefit us.
After going through some of the benefits of Real Estate Regulatory Authority, let us also gain knowledge on the applicability of the same. It is only applicable when you are buying a property. It will cease to work if you are renting any apartment or renovating any property. Nevertheless, it is applicable for developing any kind of structure, like, shops, residential buildings, other office buildings, etc. It is only relevant for the buildings or property that exceeds more than 500 sq. ft. and the total number of apartments does not exceed 8 in number.
It is needless to say that RERA has given a tough competition to the IBC laws which have unnecessarily caused delays in addressing the grievances of the Real Estate customers. The problems of the people were neither properly understood nor solved in time. Under such circumstances, RERA has proved to be quite successful in handling the problems of the customers.
So, this article has tried to provide some basic information about Real Estate Regulatory Authority (RERA). It is hoped that after reading this article you will have some basic idea about what RERA actually is.
Nevertheless, if you still have any confusion or query regarding RERA, please feel comfortable to drop a mail at email@example.com. Roodland India has a dedicated team ready to answer all your questions and assist you in every manner. For more such articles related to real estates kindly visit our official website. You will find plenty of articles that can enrich your knowledge of real estates.