Real estate industry has been the most growth oriented sector in India as it attracts huge investments, collective participation, and significant resources from citizens and the government as well. Due to this, there comes a number of minor as well as major terms aligned to this industry that affects its effective running.
RERA since its implementation, has been productive in addressing some of the most crucial issues related to this industry. As per its main agenda of implementation, RERA has been playing an impactful role in the completion as well as the on time possession of projects by the builders; hence beneficial for the end customers.
As government highly puts provisions for smooth functioning of various industries across the country, Real Estate industry is one of them. While following the norms of legislation this industry also take it a matter of concern in fixing the prices and regulation for selling off a property no matter commercial or residential. Commercial property in Gurgaon has gained a lot from this system in terms of profit and employment. The adoption of RERA Act by the union budget of 2016 brought about acknowledable changes exclusively for the customers.
The Real Estate got a pleasant touch with the adoption of Real Estate Regulation and Development, an Act of the Parliament of India that seeks to protect residential property buyers and boosting investments throughout the industry as well. It came into force from May 1, 2016.
Establishing the Real Estate Regulatory Authority for regulation and promotion of the Real Estate sector.
Ensuring transparency in real estate projects.
Protecting the interests of end buyers in the Real Estate Sector and to establishing an adjudicating system for the speedy redressal of disputes.
Awaring customers by providing proper information about their builders.
Providing recommendations to concerned Government authorities in matters relating to the development of real estate sector.
It bestows the State Real Estate Regulatory Authority as the government body in case customers want to approach for redressal of grievances against any builder.
It is mandatory for developers, according to the RERA Act to post all relevant information on issues such as project plan, layouts, government approvals for subcontractors to the project, schedule for completion of the project with RERA and eventually pass this information on to the consumers.
It gives imprisonment to the developers when failed in providing the possession of property to the end buyers. The maximum jail term violating the order of the appellate tribunal of the RERA is three years with or without a fine.
After the implementation of this act any delay in project completion by the real estate company will make them liable to pay the same interest as the EMI being paid by the buyer to the bank back to the buyer.
We will also cover below written common questions on RERA in our next article. Bookmark us and stay in touch.