The Real Estate and Regulation and Development Act 2016 has come into effect from 2017 May and is expected to bring a great amount of relief for the home buyers as the number of people being cheated by many unauthorized real estate companies was increasing. The various rules and regulations that RERA implements have been successful in bringing more transparency in real estate deals. Moreover, any grievances that the customers face are now addressable as each and every real estate deal is accountable.
In cities like Bangalore, which is considered as the real estate heaven, implementation of stringent rules was mandatory. The situation is so that the migrant population of Bangalore is increasing every year and majority of the people who come to work here make it their home. Real estate Companies come into the picture in this situation and provide the solution for the shelter demand. Different people have various demands regarding their home, and everything is being provided by these companies. However, in such a situation where people are only concerned about owning a house in such a busy city, the chances of getting cheated also increases. This is where RERA becomes useful to all the home buyers. Also nowadays with the availability of various options, buyers are willing to take a step forward and invest in luxury homes as well. The availability of 3 bhk villas for sale in Whitefield , one of the most desirable places in Bangalore for those looking for a residential area, is one of the examples that prove that people are ready to invest in luxury projects even in the heart of the city, provided they get all the amenities they wish for. Thus, when you are making such a big investment, it is your right to know all the legal aspects of filing a complaint or approaching the authorities according to RERA so that your allowances are not curbed.
The major problem that home buyers face is the irresponsible behavior from the builder of not handing over the project at the promised time and even after that. The buyers have to pay full money in advance and then later have to make rounds of the builders’ offices to get their project delivered. But that was completely put to an end by RERA. For the information of all the home buyers, under the new law, the builders have to pay an interest rate of 2 percentage above Bank of India’s lending rate to the homebuyers if handing over of the project is delayed.
There can also be other problems related to a property deal that a buyer wants to get cleared. RERA gives the provision to bring all such problems into the notice of authorities and to get them fixed. The home buyers can file their complaints under Section 31 of the Real Estate Regulation and Development Act, 2016, either with the Real Estate Regulatory Authority or the adjudicating officer. The rules for filing a case or complaint is notified in the website according to the state. The complainant has to provide certain particulars of the applicant and the respondent in order to register a case in RERA. The registration number and address of the project are the most important details that need to be provided. The documents and statements that prove the facts and grounds of claim are very mandatory as it ensures transparency and also provides the builder to give their explanation of the same.
Before the constitution of RERA, the consumes used to file cases related to property deals under National Consumer Disputes Redressal Commission (NCDRC) and according to the experts getting a judgment in the cases registered here can take time due to the huge number of pending cases. If the buyer wants to get a speedy solution to his/her problem, they can withdraw the case and approach RERA with the same. However, this doesn’t mean that everything can happen in a fraction of a second. The complainant will have to comply by the time required to initiate the proceedings as it can be different for different cases according to the intensity of the complaint and the claims.
By understanding the rules that are favorable for the home buyers, the chances of getting fooled can be decreased to a great extent. Moreover, the chance of ambiguity also does not exist.
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