The Real Estate (Regulation & Development) Act’s implementation progress report has been recently released by the Ministry of Housing and Urban Affairs, a stride towards transparency for homebuyers and investors in India’s real estate sector. The act, commonly known as RERA, was introduced in 2016 and came into effect in 2017 to protect homebuyers and stimulate investments by establishing a Real Estate Regulatory Authority in every state. This authority regulates the real estate sector and acts as an adjudication body for swift dispute resolution.
In a notable development, the Karnataka High Court has directed the Karnataka state government to fill the vacant posts in the Karnataka Real Estate Appellate Tribunal swiftly. The Tribunal has been unable to function due to these vacancies.
The Bombay High Court has further clarified that in the event of a project delay, co-promoters are also liable to refund the allottees with interest under Section 18 of RERA. This ruling applies even if the co-promoters have not received any consideration from the allottee.
In a landmark move, MahaRERA becomes the first regulatory authority to release draft model guidelines for retirement housing projects, responding to the Ministry of Housing and Urban Affairs’ call for appropriate regulations for such projects.
The Haryana Real Estate Regulatory Authority, Gurugram, ruled in favor of an allottee seeking a refund due to delayed possession. Consequently, Manglam Multiplex Private Limited was ordered to refund the earnest money paid by the Complainant.
In Tamil Nadu, the Real Estate Appellate Tribunal ordered Hiranandani Realtors to register its entire Township project as a single unit under RERA. The Tribunal also ordered the return of 70% of the total corpus fund and all project-related documents to the allottees association.
A significant judgment from the Maharashtra Real Estate Appellate Tribunal clarified that rights of allottees under Section 18 to seek refund/ claim interest for delay is unconditional & absolute, regardless of unforeseen events and factors beyond the control of Promotor.
In conclusion, these rulings and directives signify active measures taken by various courts and regulatory bodies to protect the rights of homebuyers and streamline operations in the real estate sector. The judgments underscore the commitment to uphold the RERA’s intent and protect the interests of homebuyers, promoting transparency and accountability in India’s real estate industry.
