Friday, October 23, 2020

Real Estate Law

There are some common causes of dispute related to Real Estate. Incomplete information, Non-disclosure of facts related to the property by the developer etc. are the key causes resulting in a conflict. In recent years, there have been numerous issues related to acquisition of land and property.

Real Estate Regulatory Authority (RERA)

In each State of India, Real Estate Regulatory Authority (RERA) is established for regulation of the real estate sector. It also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. 

The aim and object of RERA or Real Estate (Regulation and Development) Act, 2016 is to protect the purchasers and also boosts the real estate investments. The bill of this Parliament of India Act was passed on 10 March 2016 by the Upper House (Rajya Sabha). The RERA Act was effective on and from 1 May 2016. During this time, Out of 92 sections, 52 were notified. All the other provisions were effective on and from 1 May 2017.

Defining the Carpet area and Common Areas, Real Estate (Regulation and Development) Act provided a way to the purchasers for making decision in their interest. The Promoters/developers are now legally bond to get their project registered under RERA.  Promoters/developers  are to provide sanctioned plan and other title documents to the allottee at the time of booking of Flat.  Functions and duties of Promoters/developers has been fully defined under Section 11 of Real Estate (Regulation and Development) Act., as well rights and duties of the allottees has also been defined under the Act.

Apartment/ Flat Ownership

Apartment (Flat) Ownership Act came in force to provide ownership on an individual apartment in a multi-storied building and of an undivided interest in the common areas and facilities appurtenant to such apartment and to make such apartment and interest heritable and transferable and for matters connected therewith or incidental thereto.  ‘Agreement for development and construction of building’ is made mandatory under this act. The  Promoters/developers have to obtain completion certificate after construction of building. 

It can be said that Apartment Act and Real Estate (Regulation and Development) Act facilitated the purchaser in different ways.

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