In such cases, RERA mandates that the developer either hand over possession within the stipulated time or compensate the homebuyer for the delay. The compensation may include interest on the amount paid, and in some instances, developers may be asked to provide additional remedies, such as covering the cost of alternate accommodation for the buyer during the delay period. RERA ensures that developers are held accountable for adhering to deadlines, creating greater transparency and trust in the real estate market. Homebuyers facing possession issues can approach RERA authorities for a swift resolution, thereby safeguarding their rights and ensuring that developers fulfill their obligations as promised.
Under RERA, homebuyers, developers, and agents have the right to file cases for disputes related to non-compliance, delays, or violations of the Real Estate (Regulation and Development) Act. If issues such as delayed possession, faulty construction, or breach of contract arise, affected parties can approach the respective RERA authority or Appellate Tribunal for resolution. The process is designed to be faster and more transparent than traditional litigation, allowing for quicker redressal of grievances. Filing a case ensures that the concerned party can seek compensation, legal remedies, or enforce compliance with RERA’s regulations.
RERA, is a transformative legislation in India aimed at bringing transparency, accountability, and efficiency to the real estate sector.
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