What Are The Penalties Levied On The Builder For Delayed Possession Under RERA? by Legal Advice - 3 year ago | 787 To protect the interest of homebuyers and weed out unethical players from the market, the Real Estate(Regulation and Development) Act, 2016 (RERA) has proposed heavy penalties on builders who delay their projects. However, the reasons for delay in delivery need to be taken into account, as it should not be the result of external forces which are beyond the control of builders. If a project is delayed, developers are required to pay 10% interest to the buyers on the invested amount. Read more 0 0
What Is The Purpose Of RERA? And How Does It Help Buyers? by Legal Advice - 3 year ago | 738 The main object of Real Estate (Regulation and Development) Act, 2016 (RERA) is to enhance transparency in the real estate related transactions by creating a organised and a uniform regulatory environment. It's objective is protecting the interest of customers or buyers and making real estate developers liable for timely completion of projects along with committed specifications, facilities and amenities. The RERA Act makes it mandatory for the promoters to deposit 70 percent of the customer advances or project funds into a separate dedicated project account so the funds are utilized only for the related project. Read more 0 0
Can A Buyer File A Class Action Suit If One Builder Has Cheated Many Buyers? by Legal Advice - 3 year ago | 643 A class action suit is one where all the persons having common grievances, that have a personal stake/interest in a project/company collectively file a suit against the defaulter/company. Homebuyers with common interests and grievances in one housing project can come together as one group and file a class action lawsuit against a builder under Section 12 (1) (c) of the Consumer Protection Act. Everyone who has invested in a project will automatically be a party to a case filed against the builder provided they have a common interest and a common grievance such as delay in delivery. Read more 0 0
How To File Online Complaint Against Builders Under RERA? by Legal Advice - 3 year ago | 986 -Under the Real Estate Regulation Act, 2016 (RERA), homebuyers have a right to compensation from the builders, in case they deviate from their promises. They have certain remedies through which they can get compensation. -Even though, RERA is an act formulated by Central Government, it is purely a state matter. Each state has formulated their own guidelines. Hence, you have to complain to the respective state RERA authorities only. -Complaints by the buyers can be filed against developers, builder, and agents with the regulatory authority or the adjudicating officer under RERA in the form prescribed under RERA norms. Read more 1 0
