RERA Cases Weekly Round-Up: Relief for Homebuyers Across India
From refund orders to structural defect rectification
ReraReal Estate RegulationHomebuyersMaharashtraTelanganaHimachal PradeshAssamReal Estate MaharashtraMay 27, 2024
In addition, the Assam Real Estate Appellate Tribunal clarified that RERA provisions do not have retroactive application to already completed real estate projects. The Maharashtra Real Estate Appellate Tribunal, on the other hand, dismissed a homebuyer's application for condonation of a 225-day delay in filing an appeal.
RERA, or the Real Estate (Regulation and Development) Act, 2016, is a legislation aimed at protecting the interests of homebuyers and promoting transparency in the real estate sector. The Act establishes Real Estate Regulatory Authorities (RERAs) at the state and national levels to regulate the sector.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is the regulatory authority established under RERA to regulate the real estate sector in Maharashtra. Himachal Pradesh Real Estate Regulatory Authority (HP RERA) and Telangana Real Estate Regulatory Authority (TSRERA) are similar authorities established in their respective states. Assam Real Estate Appellate Tribunal (Assam REAT) and Maharashtra Real Estate Appellate Tribunal (MahaREAT) are appellate tribunals established to hear appeals against decisions of the regulatory authorities.
Frequently Asked Questions
What is RERA?
RERA or the Real Estate (Regulation and Development) Act 2016 is a legislation aimed at protecting the interests of homebuyers and promoting transparency in the real estate sector
What is the role of RERA authorities?
RERA authorities regulate the real estate sector protect homebuyers' interests and ensure compliance with RERA provisions by builders and developers
Can RERA provisions be applied retroactively to completed projects?
No according to the Assam Real Estate Appellate Tribunal RERA provisions do not have retroactive application to already completed real estate projects
What is the purpose of RERA appellate tribunals?
RERA appellate tribunals hear appeals against decisions of the regulatory authorities and provide a platform for aggrieved parties to seek redressal
How do RERA authorities protect homebuyers' interests?
RERA authorities protect homebuyers' interests by ensuring compliance with RERA provisions directing refunds or compensation to homebuyers and rectifying structural defects in projects among other measures
Related News Articles
Moody's Warns of Ratings Downgrade for 6 US Banks Due to Commercial Real Estate Exposure
Six US regional banks face potential ratings downgrade due to commercial real estate loan exposure, highlighting asset quality and profitability pressures from high interest rates.
Indian Real Estate Market Sees Strong Demand, Oberoi Realty Records Impressive Q1 FY25 Results
Oberoi Realty Limited has reported a consolidated revenue of Rs 1,441.95 crore for Q1 FY25, solidifying the Indian real estate market's position as a preferred investment avenue.
Jenika Ventures Expands Footprint in South India with New Bengaluru Office
Jenika Ventures, a real estate consultancy firm, has expanded its operations in South India with the opening of a new office in Bengaluru.
Eastern Pune Witnessing Real Estate Surge with Metro Phase 2 Development
Pune's Metro Phase 2 is reshaping the real estate market, particularly in areas like Kharadi, Viman Nagar, and other peripheral regions, as property values soar.
ASK Property Fund Eyes Luxury Housing Market with New Fund
ASK Property Fund, a real estate investment arm of Blackstone-backed ASK Group, has launched its first dedicated luxury housing fund in collaboration with India Sotheby’s International Realty. The fund aims to capitalize on the growing demand for high-end
AP CM N Chandrababu Naidu Pledges Full Support to Real Estate Sector
Andhra Pradesh Chief Minister N Chandrababu Naidu has assured full support to the real estate sector, predicting significant growth in the coming years. He emphasized the importance of proper permissions and sustainable development.