RERA Stands For Real Estate Regulatory Authority and was founded in 2016. This act was introduced to regulate the Real Estate sector and address the issues faced by home buyers. RERA’s goal was to safeguard Real Estate buyers by increasing investment in this sector.
RERA specified certain norms for the building and development of real estate by maintaining Transparency in the Real Estate Industry. The best thing about this Act is, it has provided various rights for the home buyers and has set specific rules and regulations that needs to be followed by all the builders and developers.
Before RERA, there were no real estate regulations in the country, and this primarily impacted homebuyers but favoured builders & developers. There was no transparency between the buyers & developers and no timely project delivery. Moreover, initially, quality structures were promised, but after possession, the promised quality structures were never fulfilled.
How Has RERA Helped The Buyers?
- More Transparency between the developer & buyer
- Timely delivery of the project
- Builders are not allowed to charge for the area outside the walls
- Builders are responsible for a defective house for 5 years from the date of possession under the RERA Rules
- Legal action can be taken against the builder if he fails to fulfil the promised things.
- Homebuyers can file a complaint under RERA in case of any violation performed by the promoter, dealer, or developer.
Which Rights do Buyers have under RERA?
The buyers hold the following rights under RERA Act 2016:
- Section: 19(1) Right to obtain Information
The homebuyer has the right to obtain information regarding sanctioned plans & layout plans.
- Section: 19(2) Construction Schedule
The homebuyer under the RERA Act has the right to know the stage-wise progress of the project, including all the provisions like water supply, sanitation, electricity, and other amenities.
- Section: 19(3) Possession of Real Estate
Homebuyers have the right to claim possession of the project.
- Section: 19(4) Right to Refund
Under this RERA act, if the builder cannot complete the project on time, you can claim the refund along with the interest rate.
- Section: 19(5) Custody of Documents
Under RERA, homebuyers have the right to have all the necessary documents and plans.
Complaints which Buyers can register under RERA
The buyers have the right to a complaint under section 31 under RERA. In case of any fraud, the buyers have the right to file a complaint against:
- Promoter
- Builder
- Real Estate Agent
- Contractor
- Intermediary
And if any of the following people is found guilty, he will be penalised.
Now let’s see which complaints can you register under RERA:
- When a builder delays the delivery of property possession
- When builder fails to fulfil the real estate laws
- When the builder uses low-quality construction material
- When the builder starts construction without obtaining the relevant permissions
- When the builder fails to obtain the completion or occupancy certificate
- If the builder has stopped the property construction in between without an appropriate reason
How to File a Complaint with RERA?
- For filing a complaint with RERA, the buyer needs to fill in the following details in the form:
- Details of the applicant such as name, address & other essential details
- Registration number of the project & address needs to be mentioned in the form
- A detailed statement such as claims & facts about the project needs to be mentioned in the form
- Response from the developer
- Interim Relief from the RERA Authority
How much time is taken by RERA to dissolve the complaint of homebuyers?
Within 60 days, your complaint will get dissolved on the date on which the complaint was submitted. If the complaint is not disposed of in 60 days, the RERA Authority will mention the reason for the delay.
In Gurgaon, ANRA is a RERA Certified consultant known for managing & dealing with different properties. Moreover, our professionals manage only those properties that are RERA Approved.
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