The Real Estate (Regulatory and Development) Act of 2016, generally known as the RERA Act, was passed on March 26, 2016, and came into effect on May 1, 2016. It is considered a milestone piece of legislation since there was no specific law governing the Indian real estate sector prior to this. RERA Lawyers in Chandigarh have expertise to deal your real estate related disputes for home buyers as well as builders.
Real estate laws govern the purchase, sale, and registration of land property. Investment by a foreign person in the real estate industry in India is permissible under the automatic route under the FDI policy, which implies that no clearance is necessary from the Government of India or the Reserve Bank of India; nonetheless, such investment must be in accordance with the FDI policy. Land in India is divided into several types such as residential lands, industrial lands, commercial lands, and so on. Whether or whether the land is located in a residential area, the person who owns it in India is obligated to pay various taxes in line with State regulations.
The landowners, on the other hand, try to shift the weight of their accountability onto the person to whom the property is leased through contractual stipulations; nonetheless, the principal responsibility remains with the property owner. The regulations that apply to a real estate property vary depending on the type/category of land as well as whether the property is under construction or finished and ready to move in. RERA Lawyers in Chandigarh understand all the rules and regulations governing RERA disputes and remain updated with the latest judgments of Appellate tribunal and the Hon’ble Supreme Court.
What is RERA (Regulation and Development) Act, 2016?
An Act to create the Real Estate Regulatory Authority to regulate and promote the real estate sector, as well as to ensure the sale of a plot, apartment, or building, as the case may be, or the sale of a real estate project, in an efficient and transparent manner, and to protect consumers’ interests in the real estate sector.
This institution serves as a special tribunal to ensure openness and justice in the real estate business. The RERA Act establishes three forums: the RERA Authority, the RERA Adjudicating Officer, and the RERA Appellate Tribunal. Every act has its own purpose and legislative aim, and this act was created to accomplish three major goals:
- Increase real estate investment (people will invest due to security, fairness, and transparency),
- Protect purchasers, and
- Regulate developers.
There is a provision in the RERA statute for the establishment of a Regulating Authority with the responsibility of Adjudication and Arbitration in real estate problems. Further discussion of case legislation and significant judgments from Haryana, Uttar Pradesh, and Maharashtra courts. Further, certain case laws based on concerns such as RERA Authority’s Jurisdiction and Homebuyers’ Possession were examined. Aside from this, a RERA complaint can be made for any of the following issues:
- Delay in possession;
- False Advertisement;
- Advance Payment;
- Incorrect Project Registration;
- No Project Details;
- Structural Defects;
- Ownership Transfer.
Why was RERA enacted?
The main goal of the RERA Act was to make the pledges made by Builders and Developers legally binding. Despite the fact that the agreement was signed by both the house buyer and the developer, there was no oversight over how the possession dates and other promised dates were delivered to the home purchasers. There was no specialized authority to investigate the matter. Since the implementation of the Act and Authority, house purchasers have been allowed to conduct trustworthy transactions with promoters, and the general public has been able to lawfully obtain project data. However, it is the obligation of the house buyer to conduct his or her own due diligence before investing in the project. The Authority was established following the enactment of the Act. A person who is dissatisfied with the project or its transaction may file a grievance with this Authority. RERA’s quasi-judicial character is a boon. The Tribunal has the authority to interpret the law and grant remedies, and it can undertake actions comparable to a court, including investigations.
Registration under the Act:
The following individuals are eligible for RERA registration:
- Development Authorities/Public Bodies;
- State Cooperative Societies or Primitive Cooperative Housing Societies;
- Power of Attorney Holders.
The aggrieved allottee may register a complaint under Section 4 of the Act if the registration is not followed. Section 59 of the Act requires the delivery of correct project information, and if the builder is found to be at fault, they must pay 10% of the project’s expenditures or risk jail for up to three years. When it comes to the validity of RERA registration, we can mention that it can be prolonged in cases when there is a force majeure that prevents the normal development of a real estate project.
Buyers have three rights under the RERA Act:
- There will be no deviations from authorized plans;
- No further development by two-thirds of the owners;
- The promoter will repair workmanship problems for 5 years after possession.
Violations under the Act:
Section 18 of the Act grants an allottee an unqualified and mandatory right if the builder breaches the terms and conditions of the selling agreement. Furthermore, if there is a violation of the given Act or a violation of the given agreement or the terms and conditions of that sale agreement, one can seek compensation for all other violations under the substantive provision of the Act or any rules and regulations made under the main Act, i.e., RERA.
If there is a breach of the provided Act or a violation of the given agreement or its terms and conditions, an allottee may seek compensation under Section 18(3) for all other violations under the substantive provision of the act or any other rules and regulations created under the main Act.
Maha RERA’s recent developments:
Due to COVID-19 and the required shutdown in the first wave of 2020, promoters were allowed a 6-month delay to complete the necessary legislative compliances. Similarly, the second wave of the infection resulted in another shutdown. Because the wave was far stronger than the previous one, there was significant damage and loss of life. An order dated August 6, 2021, was issued once more, providing a 6-month extension. From the 15th of April 2021 until the 14th of October 2021, MahaRERA announced a state of emergency. Projects booked before the 15th of April, 2021, on the other hand, are not included in the aforementioned time frame. Similar extensions have been announced in other states, including Telangana.
Is RERA biased towards the buyers?
There is a widespread misperception that RERA is exclusively concerned with property purchasers and does not take the promoter’s condition into account. As previously stated, RERA was created and implemented to simplify the Real Estate Industry rather than to benefit a certain party. Even while the Act is more beneficial to property purchasers, it also provides adequate assurance to promoters, which was not previously available. In reality, RERA has the authority to punish house buyers at the same time.
In M/s. SMP Namrata Associates vs. Mrs. Suvarna Santosh Nazrekar, Special Leave Petition (CRL.) No. 5451 of 2017, the parties’ agreement was signed in August of 2019. The property buyer had caused a slight postponement in making his payment to the promoter. Although the Act makes no express mention of the promoter being able to file a complaint against the home buyer, it is the home buyer’s responsibility to make necessary payments in the manner and within the time specified in the said agreement for sale and shall pay the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges at the proper time and place. The home buyer was directed by MahaRERA to pay the penalty in the form of interest to the promoter. This decision demonstrates that RERA is not biased towards house purchasers and, in the future, might impose tough requirements on home buyers.
DO YOU NEED HELP WITH YOUR REAL ESTATE LITIGATION FROM RERA LAWYERS IN CHANIGARH?
The RERA lawyers in Chandigarh at The Law Code, are experts in dealing with matters related to real estate. Our top RERA lawyers in Chandigarh offer expert advice on a variety of issues concerning RERA. As competent legal counsels, we provide our best services in the drafting of RERA petitions, replies, and other subjects.
TLC, Chandigarh’s goal is to provide integrated solutions for all issues related to Real Estate Laws in India. The seasoned lawyers at TLC, Chandigarh, assist clients with active litigation support in real estate law and help you with claims before various forums. Our team includes RERA lawyers and consultants who have the unique industry skills and resources needed to meet all client requests.
LAW FIRMS & LAWYERS
WHAT OUR CLIENTS SAY
“The Law Codes” is a beacon for those seeking top RERA lawyers in Panchkula. Their expertise extends to being the best property advocates in Mohali. In Chandigarh, they stand as the trusted RERA advocates. When it comes to real estate legal matters, their commitment to excellence shines through.
Aryan Kumar, Chandigarh
For the best in real estate law, “The Law Codes” is the place to turn to. Their top RERA lawyers in Panchkula offer unparalleled expertise. If you’re in Mohali, their reputation as the best property advocates is well-deserved. In Chandigarh, they are your reliable RERA advocates for all property-related concerns.
Nisha Sharma, Delhi
“The Law Codes” excels in real estate law, with top RERA lawyers in Panchkula. They are the go-to choice for the best property advocates in Mohali. In Chandigarh, they are recognized as the top RERA advocates, offering comprehensive legal support for all your property matters. Trust their dedication and experience for a seamless legal journey.
Arjun Singh, Panchkula
Frequently Asked Questions – FAQ
What is RERA?
RERA, or the Real Estate (Regulation and Development) Act, is a comprehensive legislation enacted to regulate and promote transparency in the real estate sector in India. It aims to protect the interests of homebuyers and establish an adjudicating mechanism for speedy dispute resolution.
Why do I need a RERA Law Lawyer?
Engaging a RERA Law Lawyer is crucial for navigating the complexities of real estate transactions and disputes. They possess specialized knowledge of RERA laws and can guide you through compliance, dispute resolution, and other legal aspects related to real estate.
How can I find the best RERA Law Lawyers?
At The Law Codes, we pride ourselves on having some of the top RERA Law Lawyers in our team. Our attorneys are well-versed in RERA regulations and have a proven track record in handling real estate matters. Check our website or contact us for more information.