How does the RERA Act 2016 impact buyers?

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How does the RERA Act impact buyers?

• Security: Under the RERA Act, a minimum of 70% of the buyer’s money will be kept in a separate escrow account. A separate escrow account will ensure that the money collected for a particular real estate project is not diverted to other activities/ projects undertaken by the builder/ developer. The builders cannot ask for more than 10% of the property’s value as an advance payment before the sale agreement is signed.

• Transparency: Builders are supposed to submit the original documents for all projects they undertake. Builders are not supposed to make any changes to the plan/ layout of the project without the consent of the buyers.

• Fairness: RERA has now instructed developers to sell properties based on carpet area and not super built-up area. In the event that the project has been delayed, buyers are entitled to get back the entire money that they have invested or they can also choose to invest and receive monthly investment on their money.

• Quality: For 5 years from the date of purchase, a home buyer can raise any issue before the builder which must be resolved by the builder in 30 days from the date of notification of the issue to the builder.

• Authorization: A builder cannot advertise, sell, build, invest, or book a plot without registering with the regulator. After registration, all the advertisements for investments should bear a unique project-wise registration number provided by RERA.

The leading benefits of RERA for homebuyers are as follows:

• RERA is a dedicated authority established to redress the disputes relating to Real Estate.

• RERA has defined timelines for faster and time-bound resolution of disputes arising between builders and homebuyers.

• RERA cases costs are cheaper as compared to the cases in other Forums such as Consumer Court and National Company Law Tribunal.

How to file a complaint under RERA?

Here is step-by-step guide to filing a complaint under RERA:

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Step 1 – To file a complaint with the Authority, the complainant needs to visit the State’s official website. On the portal, search for the page of Complaint Registration. 

Step 2 – Click on the complaint registration link. You will be taken to the complaint form where you are required to fill the details of the complaint.

Step 3 – While filing the complaint, homebuyers would be asked to submit their personal details including Name, Address, Contact details, and Project details. Complainants can also attach supporting documents.

Step 4 – Once the form is fully filled, the complainant would need to pay a sum of Rs 1,000 for filing the complaint or Rs 5,000 in case the complaint is filed before the Adjudicating Officer. Online payment mode is also available for completing the transaction.

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