RERA Act: A sigh of relief of assured possession to home buyer(s)

Introduction:

Prior to the enactment of the Real Estate (Regulation and Development) Act. The Home
Buyer(s) have to wait for an infinite period of time in hopes of getting possession of their property booked in advance. Further, prior to the implementation of the RERA Act, there was no maintainable statutory authority where the home buyer(s) can approach for seeking relief in terms of non-compliances or misrepresentations, etc., by the builders. 

The approval of the RERA Act by the parliament thereafter, its effect from 01.05.2016 has provided a reliable and trustworthy establishment of getting a fast track and speedy grant of possession to home buyer(s). The RERA Act has since it had come into effect been the utmost and proactive statutory act for transparency, effectiveness, and diligence in terms of the investment made in the property(ies) to be delivered to the home buyer(s) in the project commenced by builder/promoter, where the property had been booked by the home buyer(s).

Problems faced by the Home Buyer(s) prior to the RERA Act and the relief committed to the Home

Buyer(s) after the RERA Act:
It would be pertinent to mention that prior to the enactment of the RERA Act, the home buyer(s) had been suffering with hardships, debts, financial crises, family expectancy of their own home, and much more, as keeping awaited for the possession had caused them liability of loan and other financial difficulties, as there were no other appropriate and expedited remedies available under law for grievances of the home buyer(s). 

The authority constituted under the parlance and guise of the RERA Act being the Real Estate Regulatory Authority (RERA Authority) incorporated at every state of the country for protecting and ensuring home buyer(s) interest and benefits in respect of the property to be allotted to the home buyer(s) had been a benchmark and endorsement of protecting the rights of the home buyer(s).

Functions and Responsibilities of RERA Authority:
The main and pivotal function of the RERA Act is to monitor the performance of the builder towards the project completion, compliance of the time duration under the ambit of the agreement signed and executed between the builder and the home buyer(s) as well as the one of the mandate of the RERA Act being the possession to be delivered within the time duration as mandatorily to be adhered to by the builder.

The RERA Authority, constituted under the guise and regulations of the RERA Act, functions and performs various and apex roles in maintenance of strenuosity upon the builders for compliance of their obligations and duties in terms of registration of the project by the appropriate authority, registration of the property at the time of delivery of possession, transparency and clearance in the details regarding the property booked by the home buyer(s), elaboration of the site and project at which the construction had commenced or was about to be commenced and to be ensured by the builder that the site is free from encumbrances, liens, legal complications, etc., if defaulted by the builder in any manner, would be obliged to and entitled to pay penalties and fines as per the RERA Act.

Role and Constitution of RERA Authority and its regulations stipulated specifically upon the Builder:
Further, the role of the RERA authority also extends to acting as a supervisor to supervise that the builder is not doing any unethical/immoral/illegal practices that violate the very constitution of the act, includes:

1. The builder must not demand any advance amount/deposit from the home buyer(s) before execution of the agreement between the builder and the home buyer;
2. Builder must adhere to the veracity of the advertisement/prospectus for protecting the interest of the Home Buyer(s);
3. The agreement executed between the Builder and the Home Buyer(s) must be in accordance and pursuance with the interest of both the Builder and the Home Buyer(s) and should be balanced and unambiguous;
4. Builder must only charge for the facilities and amenities that are written in the agreement, such as registration of property, maintenance, municipal taxes, water, and power, whereas it would be pertinent to mention in frequent situations parking charges also, etc., if the clause(s) violated by the builders, the RERA Act comes into execution in violations committed by the builder, and the RERA Authority imposes a penalty as adumbrated in the RERA Act;
5. Home Buyer(s) must not be charged by the Builder in excess of the amount mentioned in the agreement regarding the property;
6. The builder had completed all the formalities regarding the sanction of the plan and the sanction plan had been approved by the appropriate authority;
7. Builder must be approved by the RERA Authority before offering the possession of the Property;
8. The Home Buyer(s) had inspected and are convinced that the Builder has obtained the Completion Certificate from the appropriate authority, and the same had been provided to the Home Buyer(s) at the event of delivery of the possession of the Property.

It would not be out of place to mention that there could be more categories of non-compliances or violations by the builders except abovesaid discussed are those mostly defaulted by the builders while offering allotment of the property.

It is even the responsibility of the home buyer(s) to take measures and precautions for securing possession by checking and following up with the builder regarding construction progress, making frequent inspections of the site, etc RERA as an institution working for the interest of home buyers:

The framework and commensuration of the RERA’s Act are entirely at its core centralized for the benefit and protecting rights of the home buyer(s). Home Buyer(s) as it can be assessed from the effect of enactment of RERA Act till present, there had been numerous complaints and grievances of the home buyer(s) has been resolved by the RERA Authority. 

The developments and advances construed by the RERA Authority in preserving the rights and getting the home buyer(s) refund or possession had made in building faith and belief of the home buyer(s) consistent. 

Also, time to time RERA Authority keeps maintaining a check and inspection of the builders and imposes penalties if violations or contraventions came into the knowledge of the authorities, improving and constraining the builders to work diligently and modestly.

What procedure is to be adopted for approaching RERA by home buyer(s):
In any situation or circumstance, if the builder violates or contravenes any of the clause(s) mentioned in the agreement and creates disruptions for the Home Buyer(s) by delaying the possession at the of the property, implements additional charges upon the Home Buyer(s), which are not the clause(s) of the agreement. Therefore, the complaint Under Section 18 of the RERA Act is maintainable, which can be filed by the home buyer(s).

The home buyer(s) can claim a refund of their amount paid to the builder for the retention of possession of the property, as it could not be adhered to by the builder due to huge delay in possession. Furthermore, the builder can also claim the possession along with the interest and compensation for delay, as it will be assessed from the period of delivery of possession of property as per agreement had passed away.

It would be more informative to acknowledge to the home buyer(s) that up till now there had been no limitation for filing a complaint in RERA Authority by the home buyer(s) in reference to the monetary limit in terms of the value of the property or limitation clause as per the agreement of the commencement of the time period when the possession of the property had passed away for delivering possession of the property, such remedies made available to the home buyer(s) makes them entitled for a refund of the amount paid to the builder along with compensation, delay in delivery of possession along with interest on delay and compensation will be paid to the home buyer(s). 

It would also be pertinent to mention as per the RERA Act or the agreement if any violations or contraventions had been committed by the builder in terms of the discrepancies in the property and in the amenities and facilities. The home buyer(s) can file a complaint under Section 31 of the RERA Act to the adjudicating authority in the RERA Authority against the builder.

Conclusion:

The approval of the RERA Act by the parliament has provided a reliable and trustworthy establishment of getting a fast track and speedy grant of possession to home buyer(s). The RERA Act have been the independent role model in upbuilding transparency, effectiveness and diligence in the functioning of the builders in terms of the investment made in property to be delivered to the home buyer(s). RERA’s Act framework and commensuration are committed to the benefit and protecting rights of Home Buyer(s).

As from the enactment of there had been numerous complaints and grievances of the home buyer(s) have been resolved by the RERA Authority. The developments and advances construed by the RERA Authority in preserving the rights and getting the home buyer(s) refund or possession had made in building faith and belief of the home buyer(s) consistent. The home buyer(s) can claim a refund of their amount paid to the builder for the retainment of possession of the property, as it could not be adhered to by the builder due to a huge delay in possession. 

It would be more informative to acknowledge to the home buyer(s) that up till now there had been no limitation for filing a complaint in RERA Authority by the home buyer(s). If any violations or contraventions had been committed by the builder in terms of the discrepancies in the property and in the amenities and facilities.

The home buyer(s) can file a complaint under Section 31 of the RERA Act to the adjudicating authority in RERA Authority against the builder. It would at last be acknowledged that the RERA Act and authority have been one of the most effective establishment for the benefit and interest of the home buyers.