New Delhi, January 19, 2018: Real Estate Regulation Act (RERA), 2016 is an efficacious approach for the investors. Modi Builders review that filing complaints under RERA can effectively resolve major concerns of home buyers.
Delay in delivery of properties is the biggest issue for investors. For many home buyers, the delay has extended to almost 6 years or more. Yet, no possession is in sight for them. With the implementation of RERA, the real estate sector of India has got its own regulator. Buyers are hopeful that the Act will redress their concern.
Redressal machinery like the National Consumer Disputes Redressal Commission (NCDRC) is already prevailing. On account of the huge cases under the commission, final adjudication can take a lot of time. Hyderabad-based realtor, Modi Builders review filing complaints under RERA as an option. They are certain that the act will ensure timely possessions of the properties. There is need for buyers to understand the procedure of filing complaints under the new norms of RERA.
RERA lays down six provisions to prevent developers from delaying the projects.
- A written affidavit stating the time period within which the project or the specific phase will get completed.
- ‘Agreement of sale’ should specifically carry the date of possession and the rate of interest in the case of any default. However, committed date of delivery is the choice of the supplier.
- Status of land should be clear from all kinds of disputes for all the projects.
- An impediment can cause delay in the transfer of property. Therefore, a written affidavit that ensure the land free from all encumbrances has to be provided by the builder.
- Constructors to maintain a separate bank account to minimize the diversion of funds. Withdrawals will be in accordance with the work completed.
- Registration of the project will be canceled and the builder will have to face imprisonment or a fine in case of violating the rules.
In case of any delay, buyers can file a complaint against the promoters, allotters or real estate agents. Complaints under RERA are required to be filed in accordance with the rules of respective states. It shall be in respect to the projects registered under RERA. The Act considers complaints registered for violation or breaching of any of the six provisions framed under it.
Modi Builders feedback conveyed that provisions of RERA can improve the sentiments of buyers. It believes that buyer’s money will not be use fraudulently. The leading constructor stated that RERA and other government initiatives will create a market of consumers and not the developers.
According to Modi Builders, filing complaints can provide several benefits to the buyers.
- Quick redressal of complaints
- Investor’s money will not be squandered
- Accurate adjudicating mechanism
- Liability of compensation on developers in case of delayed delivery
In case complaints are pending with any consumer forum, complainants can withdraw their case and approach the RERA authority. Experts from Modi Builders review that grievance redressal under RERA is efficient and beneficial for consumers.
Corporate Comm India(CCI Newswire)