Property Possession Delay – Real Estate Regulatory Authority (RERA)
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Overview
The Real Estate Regulatory Authority (RERA) is a law that governs and promotes the real estate industry to guarantee the sale of an apartment, a plot of land, or a building in a timely and transparent manner. It boasts a quick case-resolution rate and is a court specifically for the real estate industry. RERA was created to safeguard Indian homebuyers’ interests.
the procedures for filing an RERA complaint
Verification of documents
Formulating Complaints
Complaint Filing
Reply
Listening and Disputes
Judgment
Execution
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Required Documents
- Purchasing property within the Project application.
- Contractor-Buyer Agreement.
- receipts or other evidence of payments made to the builder
- correspondences via letters or email between the buyer and the builder.
- booklet for the project.
- a letter of allocation.
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Payment Structure
With Execution
- You are required to pay 60% of the case fee to start the work
- 20% upon getting the final order
- 20% upon receiving RC (Recovery Certificate)
Without Execution
- You are required to pay 60% of the case fee to start the work
- 40% is payable after getting the final order
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Frequently Asked Questions
The Real Estate (Regulation and Development) Act of 2016 is known as RERA. The Real Estate Regulatory Authority is also referred to as RERA. According to the statute, an RERA authority must be established in each Indian state and union territory. It is a real estate-related program of the Indian government. The Real Estate Regulatory Authority (hereinafter, "RERA") will be established as part of the Act to ensure quick justice for homebuyers. The Act is intended to ensure prompt payment to the builder or delivery of the home to the buyers.
The Real Estate Act of 2016 is applicable to all developments, whether residential and commercial.
more than 500 square meters,
There will be the development of over eight flats.
ongoing projects for which a completion certificate has not yet been issued as of the RERA Act's start date.
The RERA authority has the power to fine a real estate developer 10% of the project's cost or both if they fail to register a project within three months.
-may impose a three-year prison sentence. You will be given a login ID, password, and specific registration number once you register as a promoter.
After logging into your state's RERA site, you can alter the details of your project.
RERA or Real estate development act 2016 was the need of the hour. In the absence of a sector-specific law, the Indian real estate sector suffered from corruption and a lack of transparency.
RERA takes care of consumer interests and brings discipline in the real estate sector. RERA has the following broad objectives -
- Bring transparency in the real estate sector.
- Protect consumer interest by ensuring the time-bound delivery of real estate projects.
- Single forum to handle real estate disputes.
- Bring standardization in the real estate sector
Ensuring accountability of the builders /developers /Agents /promoters.
No, RERA is not applicable to rental projects. It only covers the purchase and sale of real estate projects.
RERA is applicable to both residential and commercial projects, including shops, offices, and buildings.
The RERA act applies to ongoing/existing projects. All real estate projects which have not received occupation or completion certificate will come under RERA.
All existing/ongoing projects must register under RERA within three months of implementation of the RERA Act.
Here are a few exceptions where the RERA act does not apply - If the proposed land is less than 500 square meters, the RERA act is not applicable.
If the proposed apartments do not exceed eight, the act is not applicable.
If the project has received a completion certificate before the commencement of the RERA act.
If its repair and renovation work and does not involve marketing and selling of new apartments.
File RERA complaints: Step-by-Step guide
Step 1 – To file a complaint with RERA authority you need to visit your state's official RERA portal. For example, to file a complaint with Haryana RERA you need to visit the portal https://haryanarera.gov.in/ and click on Registration of Complaint with HRERA Authority to start
Step 2 – Once you click on the above link, the online RERA complain form will appear.
Step 3 – You need to submit your name, address, Contact detaiwerls, and project details. Attach supporting documents such as builder-buyer agreement, project advertisement, brochure, etc.
Step 4 – After filling up the form, you need to pay a sum of INR 1000 for filing a complaint before RERA. If you are filling complain before adjudicating officer, the fee would be INR 5000. You can pay the complaint fee online or via check.
The complaint can be filed as soon as there is an apprehension that the builder will not be able to deliver the property within the stipulated time period. In any manner, it is best to file a complaint as soon as the term of the agreement expires
The process starts with sending a legal notice to the builder. The legal notice act as a final warning to the builder and sets the legal ground to file the RERA complaint. In case the dispute is not resolved after the legal notice, you can file a complaint with RERA. You would need the following documents while filing a RERA complaint
- Builder buyer agreement,
- Letter of allotment,
- Amount paid to the buyer,
Compensation sought and the interest over the amount sought from the builder
Yes, an association of persons (eg. a Welfare Association of Home Buyers) may file a case against the builder. The following are the requirements for filing a complaint as an association:
- The association may be registered or unregistered.
- All the members of the association must be allottees of the same project.
- All the members must seek the same/similar relief.
- The association may file a complaint in case of delayed possession, possession offered but without amenities, etc.
You can claim a refund of the amounts paid along with interest and/or damages. In case you do not want to withdraw from the project and do not want a refund, the builder has to pay interest for every month of delay, till the handing over of the possession.
Property buyers can seek for the prompt delivery of possession of their property. In this case, RERA will direct the builder to complete the construction and hand over possession to the buyer in a specified time period.
In addition to this, the property buyer can seek compensation from the builder for delay in handing over possession of the property in the form interest amount.
Delayed compensation in the form of interest amount will be payable from the promised date of completion of construction till the date of actual handing over of possession.
Furthermore, the aggrieved buyer can also seek the cost of litigation from the builder. On satisfaction of the Court, the builder may be directed to pay the entire cost of litigation incurred by the buyer. However, in case the buyer is not wanting possession of the property anymore, then they may also seek a refund of the entire amount paid by them. Many states have fixed the rate of interest payable by the Builder to the buyer as the State Bank of India's highest Marginal Cost of Lending Rate plus two percent. However, the interest percentage in the case of any default could differ state-wise. State governments are vested with the powers to fix the rate of interest in case of any default by the builders. They are required to notify the applicable rate of interest.
The new law states that the Regulatory Authority should dispose off complaints within 60 days from the date of filing. However, the Authority can take more time and is required to record the reasons for not completing the proceeding within the 60 day period.
No, the bank cannot be made a party to the Complaint. The complaint can only be filed against the builder.
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