The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to protect the interests of homebuyers and ensure transparency in the real estate sector. Under RERA, builders are required to register their projects with the Real Estate Regulatory Authority, disclose timelines, and deposit 70% of the funds received from buyers into a separate escrow account.
Key Rights of Homebuyers Under RERA
- Right to timely possession of the property as per the agreement.
- Right to claim compensation for delays caused by the builder.
- Right to inspect all project documents and approvals.
- Right to a 5-year structural defect warranty from the date of possession.
- Right to approach the Regulatory Authority for grievance redressal.
How to File a Complaint Under RERA
Homebuyers can file a complaint with the RERA Authority of their state through the online portal or by submitting a physical application. The Authority is required to dispose of the complaint within 60 days. Appeals can be filed with the Real Estate Appellate Tribunal within 60 days of the order.
Conclusion
RERA has significantly strengthened the position of homebuyers in India. If you are facing issues with a builder — delays, defective construction, or unfair charges — it is advisable to seek legal advice promptly to protect your investment.