Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed a builder to pay interest to a homebuyer for delayed possession, citing the need for due diligence in declaring possession dates.
MahareraReal EstateDue DiligenceMarket ConditionsDelayed PossessionReal EstateJul 11, 2024
MahaRERA is the Maharashtra Real Estate Regulatory Authority, a regulatory body established under the Real Estate (Regulation and Development) Act, 2016.
Due diligence in real estate refers to the thorough investigation and research conducted by builders to identify potential risks and opportunities in a project.
Market conditions, such as demand and supply, affect the completion of real estate projects and the declaration of possession dates.
Section 18 of RERA, 2016, provides for the return of amount and compensation to homebuyers in case of delayed possession or failure to complete a project.
MahaRERA protects homebuyers' interests by regulating the real estate sector, promoting transparency and accountability, and providing a platform for redressal of grievances.
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