Under RERA, each State is required to build up a “Regulatory Authority” – a unique body to manage matters identifying with the real estate sector.
Given underneath are the significant arrangements given under RERA that can help guarantee justice to the buyer-
- Mandatory Registration: Every builder/developer is required to enlist their projects with the Regulatory Authority, other than situations where the project is littler/under 500 square meters, and if the quantity of flats is lesser than 8.
- Distributing subtleties of the project: After the Regulatory Authority grants registration, it is compulsory for the builder/developer to distribute subtleties of the project on the Regulatory Authority site. The registration is legitimate for a while (as expressed in the project application) which is required by them to finish that project. The Regulatory Authority has the privilege to disavow the registration, when the timeframe is finished.
- Buyer’s entitlement to withdraw from project: If the builder/developer has not given over the possession of the unit/property inside the timespan mentioned in the agreement, or on the off chance that the registration for the project has been suspended/revoked, the buyer has the privilege to totally withdraw from that specific project.
- Buyer’s entitlement to compensation in the wake of withdrawing: A buyer has an option to get completely redressed (for example the whole sum one has paid till date, alongside interest). This privilege is accessible with the buyer when the date passes by. Nonetheless, at this stage, there is no necessity to record a protest or body of evidence against the builder. You should be compensated by him even if a simple request is made by you.
- Buyer’s entitlement to compensation without withdrawing: If in the event that the buyer does not wish to withdraw from the said delayed project, he will reserve the privilege to get compensation with interest, for every month of delay. This interest sum varies from state to state.
- Appropriate to record complaint against builder: If on the off chance that the builder/developer won’t repay you, it is your entitlement to file a complaint against him. This complaint is to be documented before the Regulatory Authority. An official is required to be selected by each Regulatory Authority. This official would play out every one of the elements of a judge. He/She will direct an enquiry and pass appropriate orders once it has been proved that the buyer is liable get the cash spent along with interest.
Despite the fact that you can represent yourself, it is advisable that you choose a lawyer to represent you. The Regulatory Authority is required to dispose of the complaint inside 60 days, be that as it may, if the authority requires additional time, it should give its explanations behind doing so.
On the off chance that you are unsatisfied with the decision of the official, you can file an appeal before the appropriate appellate tribunal (to be set up by each state) inside 60 days.
RERA being a genuinely new law, each State has not executed/carried out the functions as stated herein. Since the States are still during the time spent doing as such, it might be conceivable that Regulatory Authorities and Appellate Authorities might not have been set up. The buyer would need to check if the State in which the property is found, has set up these authorities or not.