+
Impacts of interpretations on RERA: A legal analysis
Real Estate

Impacts of interpretations on RERA: A legal analysis

Certain interpretation and implementation issues have had a serious impact on RERA. Here is a bird’s-eye view on recent legal developments in the real-estate sector.

The Real Estate (Regulation and Development) Act 2016 (RERA), was enacted to cleanse the real estate sector and obviate and alleviate allottee concerns on account of project delays, refund of consideration paid to the builders along with interest, stamp duty and registration charges. Its purpose was to curtail the unfair trade practices and malpractices plaguing the sector. It also aimed to benefit builders by providing a platform for transparency of information, to enable buyers to make informed decisions, thus benefiting all stakeholders in the sector.

Certain interpretation and implementation issues have had a serious impact on RERA; for instance, the provision with respect to the powers of the Authority and Adjudicating Officer (AO) for grant of refund and interest or refund, interest and compensation, either on account of cancellation of booking/allotment of the unit or flat or agreement for sale. These concerns have become so knotted that several matters have travelled from the authority level to the appellate authority, and thereafter the concerned high courts under second appeal and even the Supreme Court.

Click here to read the full article.

Certain interpretation and implementation issues have had a serious impact on RERA. Here is a bird’s-eye view on recent legal developments in the real-estate sector. The Real Estate (Regulation and Development) Act 2016 (RERA), was enacted to cleanse the real estate sector and obviate and alleviate allottee concerns on account of project delays, refund of consideration paid to the builders along with interest, stamp duty and registration charges. Its purpose was to curtail the unfair trade practices and malpractices plaguing the sector. It also aimed to benefit builders by providing a platform for transparency of information, to enable buyers to make informed decisions, thus benefiting all stakeholders in the sector. Certain interpretation and implementation issues have had a serious impact on RERA; for instance, the provision with respect to the powers of the Authority and Adjudicating Officer (AO) for grant of refund and interest or refund, interest and compensation, either on account of cancellation of booking/allotment of the unit or flat or agreement for sale. These concerns have become so knotted that several matters have travelled from the authority level to the appellate authority, and thereafter the concerned high courts under second appeal and even the Supreme Court. Click here to read the full article.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code