What is the Real Estate Regulatory Authority (RERA)?. How to file a case in the Real Estate Regulatory Authority?. Who is the Best RERA Advocate in Chennai, Tamil Nadu, India?
Advocates for Real Estate (Regulation And Development) Act
Over the last decade many housing units and apartments coming up in your cities and areas. The real estate price has been sky rocketing. The demand for housing is ever increasing. Government schemes were unable to cope with the demand. Private players took over this industry by storm. They were non-sensitive to consumer needs. Unfair and one sided contracts left consumers helpless. Earlier Existing laws were not regulated to check the real estate sector in India. Consumers were being forced to sign discriminatory clauses. Developers used to enjoy unreasonable power. consumers could not get info & accountability from erring developers.
Rajendra Civil Law firm offers the best legal services for RERA litigation in Chennai.
Thus, after a lot of deliberation, amendment & opposition, the Real Estate Act got passed. The main object of the Real Estate Act is to re-establish consumers’ confidence. Transparency and accountability are important to consumers. This act helps in assessing long term goals and financial capital markets similar to bankruptcy.
Aim of the Real-estate act
In this paragraph,The aim of this act is to promote and regulate the real estate industry. The transaction is being regulated between promoter & buyer. Both industrial and commercial projects are being covered by this act.
It was Regulatory Authority in short is RERA. It is the authority to handle real estate disputes. Every state in India has its own Real Estate Regulatory Authority check and regulate real estate projects. This act aims to protect buyers’ interests.however, It helps buyers to invest in real estate ensuring transparency & accountability from developers.
Objects of the Real Estate Act
- Promote accountability and transparency in housing and real estate transactions
- Ensure common regulatory environment for speedy adjudication of disputes. This leads to real estate growth.
- Attracting foreign and domestic investment to the industry
- Promote efficient project execution and standardization
- Single window system to clear real estate projects
Features of the RERA Act
Firstly, It led to RERA in every State. Incorporation & establishment of Real Estate Regulatory Authority in every State is in existence. however, It is Regulatory Authority is the authority to track and handle real estate project disputes
Fast track dispute resolution.
Secondly, The Act led to establishment of a fast track dispute resolution mechanism. howeverIt is helpful to settle disputes through Appellate Tribunal and adjudicating officers
RERA registration mandatory
However, All real estate projects’ registration with Real Estate Regulatory Authority is mandatory. No real estate property can get sold without RERA registration. Projects which do not meet RERA provisions can get rejected. It is Regulatory Authority registration is cancel-able on receipt of authentic complaints.
Project details on RERA website.
Thirdly, Promoters need to upload project details in RERA website. Moreover, The details are apartment type, number of units and list of approvals. They have upload commencement certificate, project status and layout plan.
Approval or rejection of application by RERA can happen within 30 days of application. Beyond this time it gets considered as approved.
Promoter cannot accept more than 10% advance amount of apartment/plot/building cost. To begin with the promoter has to enter to written sale agreement with the buyer. He has to register the agreement. Then only he can accept advance from buyers.
Separate account for project amount
Promoter should deposit 70% of project amount into separate account. This money should cover land and construction cost. Promoters can withdraw the amount after certification from an engineer, architect & Chartered accountant.
It is mandatory for all promoters to get insurance policy for all projects.
Transfer of project
Promoter can’t transfer rights & liabilities to third party without 2/3rd buyers’ consent. RERA approval is also necessary.
Interest on default
Buyer & promoter has equal interest rate upon default by either party
The promoter has to compensate for any loss in land title of the project
A person can file a complaint against a buyer, real estate agent, or promoter.however, It can be a violation of rules and provisions of Real estate Act
RERA has power to restrain the act of buyer, promoter or agent during inquiry. It can stop him from continuing the complained act.
Appeal with Tribunal
In case a person is not happy with orders of RERA, he can appeal with Appellate Tribunal of his state
Promoter violating the Act can get imprisonment up to 3 years / fine up to 10% of project estimate / both
Failure to comply RERA directions
A person who fails to follow the RERA directions is liable to penalty up to 5% of project estimated cost. Project estimation cost is determinable by a Regulatory Authority officials.
Failure to comply Appellate directions
Person not following Appellate directions has to pay penalty up to 1% of the project estimate. however,It can be imprisonment up to three years or both.
Offense by company
A company can be an offensive party. Every single responsible person in the company & company itself is liable to RERA
No Civil courts
Civil courts cannot take up cases that come under RERA or Appellate Tribunal. No court can grant an injunction in pursuance of acts under the act.
Real estate advocates Legal Services in Chennai
Our lawyers in Chennai can advise you on compliance, stamp duty & law applicability. IN FACT, Rajendra Civil Law Firm guide you through registration and other statutory approvals. Moreover, Top RERA Attorneys handle land acquisition cases, buying & selling of property, lease & taxation. In conclusion, Our Real Estate advocates legal services are as follows :
- Advice on Joint venture development
- Advice on township development
- Real estate promotion and development
- Preparing lease and sale deed drafts
- Advice and legal documentation of property buying/selling/lease
- Tenant-landlord issues
- Land use regulations
- Finance and mortgage agreements
- Building, development and construction contracts
- House tax disputes
- Project and retail property transactions
- Land Use Regulations
- Mortgage and Finance Agreements
- Building, Development and Construction Contracts
- Other Tax disputes (GST and other)
- Projects and retail property transactions.
Find Leading Real estate advocates in Chennai
Real Estate Act will benefit both promoters and buyers. Its aim is to support fair play in this deals and on time project execution. Consumers can protect themselves by exploitation from promoters. Contact our Real estate advocates today.