RERA stands for real estate regulatory act. This act has been launched to bring transparency and accountability in the real estate sector. The purpose of this “regulatory act” is to bring clarity that would protect the interest of the buyers. The act has been introduced in 2013 and then has been passed in May 2016.
Impact of the law:
Now, every real estate project has to be registered under real estate regulatory authority.
The promoter has to file an application for registration in the prescribed form under RERA rules and regulations along with the prescribed documents, fees and within the prescribed time.
That the application can be approved or rejected by the authority within 30 days. If the registration is successful then a login id, password, and a registration number is provided to the promoter.
RERA has made it mandatory for all the residential and commercial projects that are of more than 500Sq. Mt. and containing eight or more than eight storey floors to get registered.
What are the benefits of filing a case under RERA?
- For delayed delivery of the project, the promoter is liable for the compensation.
- No ambiguity or confusion in measurements.
- Higher chances of faster disposal of the complaints
Before filing a RERA complaint, you should send a legal notice to the builder or promoter which can be considered as a final warning. However, if the dispute does not resolve even after the legal notice then RERA complaint can help a consumer.
The procedure of a RERA complaint/case:
- Document verification
First of all, you have to submit the scanned copies of all the documents after due verification.
- Drafting of complaint
After verification, a complaint must be drafted by you.
- Complaint filing
After drafting the same, you can file a complaint in RERA & submit the same online/offline.
- Admission hearing
Then preliminary arguments will be made by you before RERA.
- Reply from builder
In accordance with the Complaint, the promoter will file a reply.
In this step, you will draft a response to the reply of the builder if there is a need. Else the step can be skipped.
- Arguments and hearing
Now, RERA will conduct the final hearing regarding the matter.
Finally, after hearing both the parties; the RERA will pass a judgment on the issue.