The Real Estate (Regulation and Development) Act, 2016 (RERA): Protecting the Rights of Property Buyers in India and How to Avoid Legal Pitfalls When Buying or Selling Property
The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation that was enacted to protect the interests of property buyers and to promote transparency and accountability in the real estate sector in India. RERA has a number of provisions that benefit property buyers, including: · Compulsory registration of all real estate projects with the Real Estate Regulatory Authority (RERA) · Disclosure of all relevant information about the project, such as the project plan, timeline, and budget · Protection of buyers' deposits by requiring developers to deposit 70% of the funds received from buyers into a separate escrow account · Establishment of a grievance redressal mechanism for speedy resolution of disputes between buyers and developers However, even with RERA in place, there are still some legal pitfalls that...