RERA is an Indian law that regulates the real estate industry, promotes transparency, and protects home buyers' interests. RERA stands for "Real Estate Regulatory Authority" also known as “RERA Act”. This Act was issued by the Indian Government in May 2016 to protect the interest of home buyers and boost investment in the real estate industry.
In the RERA Act 2016, the Government of India mentioned that RERA Registration is mandatory for every builder and developer who intends to sell any residential and commercial properties. This registration aids in maintaining transparency, accountability, and efficiency among the buyer and seller.
Homebuyers can file a RERA complaint against a builder, developer, promoter, or real estate agent if they violate the regulations stated in the RERA Act. Seeking redressal for property-related grievances is a convenient and hassle-free process. If they choose to, all home buyers have the right to submit a complaint.
- The transfer of ownership is postponed.
- The construction quality is low
- Ventilation is insufficient at the property.
- The expenses for maintenance are excessively high.
- Some disputes exist regarding ownership of the property
- The developer/builder is declining to provide the buyer with the budget information for property expenses.
Filing a case with RERA is typically done for two distinct purposes. One option is to request compensation for late possession, while the other is to pull out of the project. Next, the builder reimburses the amount previously paid along with the corresponding interest.