Globalization has brought radical changes in this era with lots of invention in property and society but the development has led to various other disputes like Delays in giving ownership, falsely representing area of measurement, quality falling short of the promised product, financial mismanagement etc. has been the most common complaints that will be things of the past once RERA is fully operational.
In case if you are purchasing a ready property from a builder or an investor, RERA will hardly have an impact on you deal. However, if you choose to purchase an under construction property, then RERA comes to you as an advantage. For a long time, unsuspecting buyers going for an under construction apartment have been on the receiving end of it with little or no respite in case if they got a raw deal.
If the house you are planning to sell is an independent structure, the transaction will be simple with only local body levies and stamp duty to be taken care of. Though, if the house is a part of a society or a cooperative, then you will have to declare any liability on the house. Further, any mortgage or housing loan that you would have taken has to be disclosed to the buyer as well.
RERA doesn't propose any market control measures. Real estate prices are fully governed by market economics with practically no government regulatory control or interference. RERA will need designers to change their processes and systems and get complaint with the RERA rules. Such compliance will be definitely an additional cost which every developer would try to pass on to the buyer.
However, the real estate market has been on a decline for last three consecutive years and seem. The Real Estate (Regulation and Development) Act, 2016 or RERA ACT is an Act of the Parliament of India. An Act to form the Real Estate Regulatory Authority for guideline and raise of the real estate sector and to guarantee sale of plot, buildings or apartment, as the matter may be, or sale of real estate project, in an well-organized and see-through manner and to defend the interest of consumers in the real estate sector and to create an arbitrating mechanism for speedy dispute Redressal.
If you have been traumatized regarding property matter or in a trap by a builder, or someone you know has been a victim of the misdeeds of a property developer, you can get in touch with our learned advocate in Bangalore in builder dispute for support. Legal resolved is here to support consumers like you in solving issues and disputes of any kind and scope. If you need any assistance regarding the complaint filing process or want to file a complaint against the builder, please get in touch with us immediately.
You can parallel file a grievance in the consumer court also. The Builder cannot go to Consumer Court as a complainant however he can go to higher consumer courts as an appellant.