Real Estate Regulatory Authority constituted by every State govt.under The Real Estate( Regulation and development) Act, 2016 for regulation and promotion of real estate- and to protect the interest of consumer/ allottee in the real estate sector.
Every state has formed RERA for registration and regulation/ supervision of real estate project within their jurisdiction.
Authority has the power to regulate and supervise the project registered with it.
Authority has the power and jurisdiction to hear the grievances relating to delayed possession, non execution of project or any other grievances of allottees/ promoters.
Return of amount and compensation- If the promoter fails to deliver the apartment/ plot/ building within the time prescribed in the agreement, he has to compensate the allottee for the delay on his part.
If the allottee wishes to withdraw from the project, he will be refunded full amount alongwith interest at the prescribed rate of interest.
If allottee continues with the project he will be paid interest on the amount deposited with the promoter for the delayed period till the date of possession.
RERA hold its regular hearing for disposal of cases filed before it regarding delayed possession charges and or compensation on account of delay on the part of promoters/ developers.
Note:- We try our level best to avoid any kind of abusive content posted by users. Kindly report to us if you notice any, [email protected]