What is RERA?
The Real Estate (Regulation and Development) Act, 2016 ÔÇö commonly known as RERA ÔÇö was enacted to protect home buyers and bring transparency and accountability to the real estate sector in India. It became effective in May 2017.
Key Rights of Home Buyers Under RERA
1. Right to Information
Builders are required to register their projects with the state RERA authority and disclose all project details including layout plans, government approvals, land status, and completion timeline on the RERA portal. Buyers have the right to access this information at any time.
2. Right to Timely Possession
Developers must complete and hand over projects within the timeline registered with RERA. In case of delay, buyers are entitled to interest compensation at the rate of SBI lending rate plus 2% for every month of delay.
3. Right to Refund
If a developer fails to complete the project or violates RERA norms, buyers can demand a full refund of the amount paid along with interest.
4. Right to Structural Defect Rectification
Any structural defects that appear within 5 years of possession must be rectified by the developer at no additional cost to the buyer.
How to File a Complaint Under RERA
Buyers can file complaints against builders directly on the state RERA website. Complaints are typically resolved within 60 days. For appeals, there is a RERA Appellate Tribunal.
Conclusion
RERA has significantly strengthened the position of home buyers in India. Understanding your rights under RERA is essential before investing in any real estate project.
