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.

Next Story
Infrastructure Urban

Six Bidders Vie for Rs 572 Bn Jaiprakash Associates

The scramble to rescue Jaiprakash Associates Ltd (JAL), the flagship of the debt-laden Jaypee Group, reached a decisive stage on Tuesday as the window for resolution plans shut with at least six suitors in the fray. Industry sources say Adani Enterprises, Vedanta Group, Dalmia Bharat, Jaypee Infratech (backed by the Suraksha Group), Jindal Power and PNC Infratech have all lodged bids. Jaypee Infratech confirmed its submission but declined to reveal details.Lenders will open and assess the offers at a Committee of Creditors meeting today. Although bid values remain under wraps, the National Ass..

Next Story
Infrastructure Urban

Delhi Orders Urgent MAMC Hostel Repair and Safety Upgrade

Delhi Chief Minister Rekha Gupta has instructed multiple departments to overhaul hostel infrastructure and enhance student safety at Maulana Azad Medical College (MAMC). Chairing a high-level meeting at the Delhi Secretariat with Public Works Department, Health officials and student representatives, the Chief Minister demanded immediate repairs to ageing hostel blocks, new high-intensity LED lighting, round-the-clock CCTV coverage and a larger security presence.She also ordered a special drive to clear illegal encroachments around the campus and fast-track plans for an additional hostel, delay..

Next Story
Infrastructure Transport

Vikaspuri Road Upgrade, Tree Drive to Boost Delhi Constituency

Delhi’s Health and Transport Minister Pankaj Kumar Singh has broken ground on the long-awaited Baprola Village–Harphool Vihar road while leading a record plantation of 501 saplings under the “Ek Ped Maa Ke Naam” campaign. He said the two initiatives reflect the capital’s “people-centric governance”, promising safer, faster and more dignified daily life for residents.The rebuilt thoroughfare will ease commutes for Baprola Village, G-2 Jai Vihar, Prashant Enclave, Bajrang Chowk and Harphool Vihar, directly benefiting an estimated three thousand to three thousand five hundred school..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?