The RERA Act (Real Estate Regulation Act) which was recently brought to action in Maharashtra and other parts of the country has brought many concerns to builders and consumers who have purchased properties, but haven't received the details of the possession yet. The law has resulted in a temporary halt on the existing projects where the builders have not received occupancy certificates and registration which are now mandatory for being included in the new projects ever since the law was enacted. With this decision, the builders who now have properties ready without RERA registrations will have to face legal action.
Ever since the High Court ordered that the builders to pay interest to the consumers, it is considered to be a major relief for the consumers as the fraudulent builders will now be compelled.
Some builders in Bangalore, Jabalpur, Nagpur, Aurangabad had demanded to exclude the ongoing projects from the law. According to them, it is unfair to include them in the list because these projects started before the law came into force. Accordingly, these builders had filed petitions in those states.
The Supreme Court has ordered the Bombay High Court to submit an integrated petition of all these states within two months. In the Bombay High Court hearing on Wednesday, and all the demands of the builders have been rejected by the High Court. The court has said that the current projects or new projects will be a part of inclusion in the law.
At the same time, other demands of the builders have been rejected. Accordingly, the builders who delay in providing possession of the houses will now have to pay interest from the day of sale till the date of handing over the possession.
The RERA law would have only remained nominal and looting and cheating of customers would have continued if the demands of the builders were met. Many important provisions in the market will make fraudulent builders mend their ways. Customers will be saved from falling prey to fraud.
Share
Tweet
