The Real Estate (Regulation and Development) Act (RERA) was implemented to address issues in the real estate sector and protect the interests of home buyers. The objectives of RERA are as follows:
- To Safeguard the Interest of Home Buyers: RERA seeks to protect the interests of property buyers by ensuring transparency and fairness in real estate transactions.
- To Maintain Transparency: By establishing clear rules and regulations, RERA reduces the chances of fraud and malpractice in the real estate industry.
- To Promote Professionalism and Standardization: It aims to bring professionalism to the real estate sector and ensure standardization across India, making transactions more reliable.
- To Facilitate the Exchange of Accurate Information: RERA encourages the flow of correct and complete information between property buyers and sellers, which helps buyers make informed decisions.
- To Increase Reliability and Confidence: By implementing stringent rules and enforcing accountability, RERA aims to increase the credibility of the real estate sector, fostering confidence among buyers and investors.
Filing Complaints under RERA:
Under Section 31(1) of the RERA Act, any aggrieved party—whether a buyer, seller, or agent—can file a complaint with the Real Estate Authority or the Adjudicating Officer for any violations of the provisions of the Act. This includes issues like fraud, delays, or other wrongful acts by promoters, allottees, or real estate agents related to property transactions.
RERA provides a legal framework for resolving disputes and ensures that aggrieved parties can seek redress, promoting fairness and integrity in the real estate market.