RERA now has become the most preferred authority where the aggrieved home-buyers can reply upon for the redressal of their grievances.
As per the RERA laws, no civil court has the jurisdiction to entertain any suit or proceedings which is empowered to be entertained RERA Authority only.
Delhi has its own full-time real estate regulatory Authority, whereas till now the vice-chairman of the Delhi Development Authority (DDA) was acting as an interim regulator of the Delhi RERA.
The RERA ordered the builder to refund the entire principal amount along with interest of 15% per annum to be compounded quarterly from the dates of deposit to the date of refund should be refunded in three instalments by the company
The matter of Shubhkamna in Greater Noida wherein the Authority has asked for a plan for the association of buyers to facilitate the complete works of the remaining project.
The Gujarat RERA has been able to solve the grievances of more than 65 Complainants by disposing off their cases in fast track manner within a tenure of one year only.
After the implementation of the RERA Act, the State of Gujarat has notified its final Gujarat RERA Rules, 2017 on 29.10.2016 which prescribes regulation, form and process.
Section-44 of the RERA Act, 2016 lays down the detail procedure for filling of an appeal in case of any dissatisfaction at the first court of instance i.e. RERA.
RERA or IBC- Both the laws provides with the subjective approach depending upon the facts of the case and the situation of the developer.
Although, the home-buyers are taking a sigh of relief but what if there is no Builder-Buyer agreement executed between the Builder and buyer.