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ARTICLE · 08 MARCH 2022

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Refund An Absolute Right Under RERA, If Builder Goes Wrong!

S.S. Rana & Co.
S.S. Rana & Co.
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S.S. Rana & Co.

S.S. Rana & Co.

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Homebuyers invest their hard earned savings into the real estate projects with a hope that they will own their dream house one day.

IndiaReal Estate and Construction
Lucy Rana
Lucy Rana
Nihit Nagpal
Nihit Nagpal
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Homebuyers invest their hard earned savings into the real estate projects with a hope that they will own their dream house one day. However, their dreams gets shattered when the builders fail to deliver possession of their units even after a prolonged delay. The Consumer Protection Act, 2019 protects the home buyers (consumers) to get relief and compensation for deficiency in services and unfair trade practices against the builders, however redressal takes a long time. Thus, to provide speedy resolution to the home buyers against the delayed possession of their residential homes, the Real Estate (Regulation and Development) Act, 2016 was enacted by the parliament to protect and safeguard the investments made by the home buyers. The Act makes prior registration of a real estate project with the Real Estate Regulatory Authority mandatory, therefore, a project cannot be promoted or advertised for sale without registering the real estate project with the Authority.1

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