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| RERA Lawyers |
The Real Estate Agency of India passed the Real Estate Regulatory and Authority (RERA) Act in March 2016. This act has been made in accordance to increasing complaints against the builders or promoters and the real estate agents. These complaints are mainly regarding the late possession of a house to the buyer, faults in the society, irresponsible behaviour of promoters after the signing of the agreement and many such issues. RERA is a government body whose sole purpose is to safeguard the interest of buyers as well as lay a path so that the promoters and the real estate agents get a chance to come up with good services. The present structure of real sector is quite messy as corruption in the government bodies and opaqueness of the information is there. The policies in RERA have been made keeping in mind that due to the lack of activeness in the government work such as approval of a project, many promoters have to seek an unfair way to continue their work so that their massive investment in a project does not get lost. Also, the Real Estate Agency is establishing Central Agency Council and Real Estate Appellate Tribunal with RERA so as to bring in a level of confidence in buyers for the builders and the agents and also to punish the defaulters.
The Act aims at protecting the rights and interests of consumers and the promotion of uniformity and standardization of business practices and transactions in the real estate sector. It attempts to balance the interests of consumers and promoters by imposing certain responsibilities on both. It seeks to establish symmetry of information between the promoter and purchaser, transparency of contractual conditions, set minimum standards of accountability and a fast-track dispute resolution mechanism. As an Advocate/lawyer of RERA, we are here to provide the mechanism for resolution.
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