RERA LAWS

The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to bring accountability, transparency, and discipline into the real estate sector. Its primary objective is to protect the interests of homebuyers while ensuring that promoters and developers comply with statutory obligations relating to registration, timely completion, and disclosure of project details. The Act also provides an institutional framework through the establishment of Real Estate Regulatory Authorities (RERAs) and Appellate Tribunals, creating an accessible mechanism for dispute resolution.

RERA makes it mandatory for real estate projects beyond a certain size to be registered with the authority. Builders and promoters are required to disclose sanctioned plans, timelines for completion, and details of the financial structure, including the maintenance of 70% of collected funds in a separate escrow account. Homebuyers are entitled to information regarding project progress, and any delay or non-compliance by the promoter gives rise to statutory remedies such as refund, compensation, or interest. The Act also provides for adjudication of disputes, making it possible for aggrieved parties to approach the authority directly without resorting to prolonged civil litigation.

Practice under RERA involves a wide range of issues, including delay in delivery of possession, enforcement of builder-buyer agreements, refund claims, compensation for deficiency in services, and challenges relating to registration of projects. It often requires interpretation of contractual terms alongside statutory provisions to determine the rights and obligations of parties. Proceedings before RERA are relatively summary in nature, but they require careful presentation of facts, documents, and legal grounds to ensure that the statutory objectives are met.

At CBSL Advocates & Associates, engagement with RERA matters includes representing both homebuyers and promoters before the Regulatory Authority and the Appellate Tribunal. The approach involves careful drafting of complaints, replies, and appeals, supported by statutory interpretation and judicial precedents. The practice recognizes RERA as a specialized forum aimed at ensuring fairness in the real estate sector and approaches each matter with a focus on legal clarity, procedural compliance, and resolution of disputes in accordance with the Act.