Last Updated on May 1, 2020 by Legalseva.net
Real Estate Regulation Act, 2016 Punjab Haryana Chandigarh
Brief
Real Estate Regulation Act was passed by the Parliament in the year 2016, but was implemented in the year 2017. This act comprises of 92 sections. RERA is also know as Real Estate (Regulation and Development) Act. This act was basically brought into force to protect the interests of the buyers who were the main sufferer and also to boost up the investments in the real estate sector. The Government of India introduced 69 sections on 1st may 2016. This act was brought into force to regulate the Real Estate Sector.
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Reason for Implementing Real Estate Regulation Act, 2016 (RERA)
The basic reason behind the implementation of the law was to safeguard the interests of the buyers and investors and even the sellers. In the Real Estate world in India there was large number of fraudulent activities which was done by the seller upon the buyers either relating the time of possessing the property or in monetary terms. The buyers were always suffering from this. This act will create a binding upon the developers to make a transparent and fair transactions with the buyers and will be held liable if not acting upon so.
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Explanation
The Real Estate Regulation bill was passed in the year 2016 by the Lok Sabha and the Rajya Sabha in May 2016 and the assent was granted by the Honourable President of India Shri Pranab Mukherjee in may 2016 but it completely came into force from date 1st May 2017. Though the act was passed in the year 2016 but only 52 sections out 92 sections were came into force. Rest of the sections came into force on 1st May 2017.
This act was passed by the central government which means it has to be implemented on each states but the state government has also been granted with the power to modify or update this rules as per different economic territories but without affecting or diluting the basic provisions upon which this act relies upon. Each state and union territories were mandated to form their own rules and regulation to govern the proper functioning of this act.
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The governments established Real Estate Appellate Tribunal and Real Estate Regulatory Authority on April 2017.
The acts has been came into force to safeguard the interests of both the buyers and the sellers. This act was basically formulated for the accountability and transparency in the real estate sectors. It will safe guard the interests of the persons associated with the real estate sector, especially in the primary markets.
After the enforcement of this act India has finally got its Real Estate Sector its 1st regulator. It means the basic guidelines and provisions has been laid down in this act upon which the Real Estate Industry will commence there work. The basic rules and regulations for Real Estate Regulation Act were formed on 31st October 2016.
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HowReal Estate Regulation Act, 2016 will create a transparent scenario between buyers and sellers?
The builder who are registered under the RERA or Real Estate Regulation Act,2016 the Builders or developers have to clearly mention every important documents on the RERA website comprising of all authenticated copies of approvals granted by the concerned authorities, sanctioned and layout plans, specifications provided by it, facilities given to buyers, Proforma of the allotment letter, agreement of sale and deed has to be uploaded on the website.
Only after registering under RERA or Real Estate Regulation Act,2016 the builders are allowed to make advertisement of there project which will help buyers to get there properties from the trusted builder.
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Upon changing or updating any major things into the project the builder has mandatorily take two third of the buyers permission.
The seller or builder have to sell the properties on the carpet area and have to clearly define it and cannot sell on the Super Built Up area as this was one the key issue of the buyers.
The builder have to maintain separate bank account relating to the each buyers investing in there project and have to keep there money individually and the buyers and sellers are transparent to have a check of receiving the money by buyers and upon the use of money by builders.
The buyer and seller both are equally liable for the equal of payment of the interest upon the late payment of the of the money in terms of the buyers and upon the late delivery of the property.
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Guidelines provided by the Builders or Developers from the Real Estate Regulation Act, 2016
All the builders or developers or agents or brokersare mandatedregister under RERA or Real Estate Regulation Act,2016 whose projects are greater than 500 square metres or who are constructing more than 8 units in there project and who are going to commence there project or those whose project are already into the process. Those projects will not be considered under RERA whose occupancy certificate has already been granted, hence this act does not have a retrospective effect.
The Builders or Developers whose project have to submit all the important and necessary documents have to be submitted. After the verification and satisfactory documents and after submitting the registration fees. The authority will grant the user id and password the concerned person/s within the 30 days of the submission of the application. If the document is found unsatisfactory and is not fulfilling its objective as it has mentioned the authority has complete power to reject the application. But the applicant has also been given the opportunity to explain the reason behind the same 7 days prior to the expiry of the 30 days mentioned. Upon the rejection of the application the person is eligible to get back the registration fees after deduction the service charges.
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If a builder or developer does not register under this act they will be penalised with the cost of the project as high as 10 percent of it or imprisonment up to 3 years or both.
The builder or develop are responsible for the basic amenities provided by them to the buyers for up to 5 years.
For case specific advice, please contact best top expert RERA Punjab Haryana RERA Panchkula & RERA Chandigarh Lawyers in Kharar Zirakpur Derabassi Mullanpur etc.
This post is written by Aman Dube.
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