RERA- The Complete Machinery
Main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector.
Main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector.
A group of villagers, from whom Today Homes got land, took physical possession of the project and put up a notice at the gate of the nearly fully booked but incomplete housing society.
Conciliation forum is one such mechanism to resolve the issues adeptly. But there are several cases in which a conciliation agreement has not been honored by the builders.
Under this forum, the aim is for the home buyers, builders or real estate agents to get their grievances amicably resolved before filing a complaint with the RERA authority.
The timelines prescribed under the Limitation Act or different laws like Insolvency and Bankruptcy Code, 2016, the Arbitration Act, 1996 or any other action will stand extended.
Consumer Court or MahaRERA: Homebuyers have the option of withdrawing the pending consumer complaint and file before appropriate RERA authorities.
MOFA belongs to such class of such legislation that were more regulatory in nature, instead RERA creates an environment for the functioning and development of real estate sector.
After Maharashtra and Uttar Pradesh, the state of Karnataka is all set to make its debut in establishing a conciliation forum apart from the existing real estate Authority.
If the builder is delaying in giving possession or not giving the property as per the agreements there are some effective legal remedies for the aggrieved homebuyers under the law.
This initiative by RERA will prove to be very fruitful to the homebuyers whose hard-earned money is stuck installed project wherein the builder is absconding or in jail.
MahaRERA has wide order No 8/19 dated 28th March 2019 opened up door for revocation of the registration in accordance with Section 7 & 8 of RERA Act 2016.
The Maha-RERA has dismissed the complaints filed by the homebuyer multiple times with respect same issue.
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.
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.
The huge number of complaints are coming across, wherein the money of the innocent home buyers is stuck with the abandoned or stalled projects.