Last Updated on June 15, 2024 by Satish Mishra
Yes. It does. Isn’t it great!
Now that you have brought an office space , shop or a commercial unit, you don’t have to dread about where to go?
RERA is the place. Your new destination for relief.
Times are gone when people have fears of consumer court dismissing their complaint on account of being an investor not consumer.
But RERA does cover your investment option, be it shop, office space or unit in any reality project promoted by its developer and builder .
Also Read- WHAT IF BUILDER DOESN’T COMPLY WITH RERA ORDERS?
To omit out all confusion, Real Estate Regulatory Authority Act, 2016 defines building and apartment specifically leaving out any confusion if any.
Though its not applicable to manufacturing units and industry.
The definition of a unit, plot, flat, villa, shop, office , booth, showroom etc. etc. whatever it can be but still it is within the purview of RERA. No matter whether you have invested for residential or commercial purpose.
Also Read- RERA-PANCHKULA STRIKES AGAIN
Now that things are clear about you approaching RERA for commercial projects, let us see how to proceed:
1 List down your grievances first. Whether there is a delay in possession, assured return not given, or any breach of conditions between builder and buyer.
2 Choose to whom you can approach. RERA Authority (form M) and Adjudicating officer (form N) and appellate authority (form L)
3 Append all the necessary documents. Builder buyer agreement first and foremost mentioning the date of possession. If there isn’t any then the agreement is flawed.
Also Read- BUILDER DELAYING POSSESSION. WHAT IS YOUR RIGHT?
RERA act mandates builder to disclose CARPET Area leaving aside super built up area. So the builder knows what he is paying for and how much is the area under his possession unlike the previous pratice of fooling customers under the garb of super built up area.
Also Read- RERA OR CONSUMER FORUM?
Infact the RERA act defines Carpet Area. The maximum area between the four walls or net usable area.
Different authorities of different states have interpreted ongoing projects differently under RERA that gives rise to confusion and fear whether my project is registered under RERA or not irrelevant of it whether it is a residential or commercial project as both are covered.
People invest in commercial reality projects only on the account of assured returns which later turns out to be a fad. Thus, consumers can approach RERA if builder defaults in giving assured rental or returns profit.
Also Read- RERA PUNJAB AT MOHALI
RERA has many advantages :
1 No ambiguity in building plans.
2 Standardisation of reality industry and maintaining quality.
3 Transparency and right information available to client before buying.
4 Timely delivery of projects.
5 Check on fly by night operators.
Also Read- HOW TO MAKE COMPLAINT UNDER RERA
Exceptions to RERA are only these three:
1 Projects not intended for ‘SALE’
2 Area less than 500 sq mtr.
3 Project having less than 8 units
Currently leases and rental agreements are not covered. Only leases for 90+ years are covered.
Also Read- RERA FOR HARYANA
The best part about RERA act is, it covers agents also. So they can also be held liable for any unfair and mala fide practice.
are only exempted. Rest all projects, commercial and residential are covered under RERA Punjab at Mohali and RERA Haryana at Panchkula.
RERA will impact the real estate industry in big way in coming years. Keep visiting LegalSeva for latest news, updates, judgments on LegalSeva.
Also Read- BEST LAWYER AND ADVOCATES
For any info on RERA registered and unregistered projects in RERA Punjab and RERA Haryana at Panchkula, please dial 99888-17966.
