Real Estate Regulation Act – Provisions & Their Implications
Real Estate Regulation Act – Provisions & Their Implications The absence of authority and lack of proper rules and regulations in the real estate sector has always been a problem. The buyers have had problems such as the delay in possession, transfer of the deed or poor quality projects and much more and the builders are not held accountable for their actions or lack thereof. The biggest harassment that a customer faces is a delay in possession of their property. Such a delay may extend to almost six years or more with no property in sight. With the enforcement of RERA in India, the sector has now got its own Regulatory Authority. Each and every state and Union Territories will have its own Authority, and the aim of such authorities will be to frame rules and regulations as per the RERA. To ensure the timely possession of the properties the Act has made some provisions. The developers will have to get registered their on-going projects that have not received a com