In the year of 2016, a new set of laws as RERA Act have been implemented, specifically to protect the homebuyer and ensure the growth of real estate sector.
One of the first projects to be deregistered by UP-RERA and the subsequent proceedings will decide how well RERA will be in implementation.
RERA, has taken cognizance of the multiple ways by which consumers have been cheated in the past, and provided for solutions through their regulation mechanisms.
Home buyers are vital stakeholders in building projects. Many home buyers book their property in advance which helps builders raise funds for construction and development of the project.
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.
Centrik has tracked and been with RERA since its 1st day of implementation. During these 2 years of journey, we have resolved more than 6700 assignment relating to RERA and Insolvency laws on different issues.
MahaRERA makes it abundantly clear that cost of construction of the project shall not include marketing and brokerage expenses towards sale of apartments.
The act was introduced to curb the mal-practices and the abuses caused to the customer. The act intends to protect the interests of the consumers and regulate the real estate sector.
This is the first time that a RERA Authority has ordered the deregistration of a project on the grounds given under section 7 of the RERA Act, 2016.
The RERA Act empowers the Regulatory authority to call for information or conduct investigations. These investigations have been mainly in the form of financial audit conducted by the auditors.