RERA - Central government told the Supreme Court how powerful RERA is, know how home buyers benefit

Central government told the Supreme Court how powerful RERA is, know how home buyers benefit

RERA: The Center has told the Supreme Court that a robust regulatory mechanism exists for home buyers and a draft 'agreement for sale' has already been laid down under the provisions of the Real Estate Regulatory Act (RERA) which will allow home buyers and Strives to balance the rights and interests of promoters in an accountable and transparent manner. The Center has filed an affidavit in the apex court on a plea that seeks to create a model settlement mechanism for builders and agent buyers to protect customers and bring transparency in the realty sector in line with the Real Estate Regulatory Act (RERA) 2016. Requested to leave.

It said, "There is a robust regulatory mechanism and a draft 'Agreement for Sale' has already been laid down under the provisions of RERA, which seeks to balance the rights and interests of home buyers and promoters in an accountable and transparent manner. does."

The central government said that it has shared the draft 'Agreement for Sale' with all the states and union territories in 2016 itself after the implementation of RERA and at present, all the states and union territories have notified the rules under RERA. have done, except Nagaland with which the Center is in discussions.

It said, “It should be brought to the notice of this Court that the real estate sector was largely unregulated prior to 2014. Under the regulatory mechanism of RERA, such ongoing projects need to be registered under RERA which are required to have a completion certificate. has not been received."

The affidavit said that RERA mandates registration of projects before advertisement, marketing, booking, sale and the law ensures timely delivery of real estate projects. It said that RERA resolves critical issues of fair transactions, timely delivery and quality construction through prompt settlement of disputes, thus empowering home buyers.

The top court, while hearing a petition filed by advocate Ashwini Upadhyay, on November 8, had said that there is a need for a model builder-buyer settlement mechanism in the real estate sector and the Center should file its reply on the issue as it concerns public interest. is an important matter. Upadhyay had said that a model settlement system should be worked out by the Center as some states have it and some states do not and there is no uniformity in those agreements.

Reference Article: RERA Update in India