Impacts of interpretations on RERA: A legal analysis
Real Estate

Impacts of interpretations on RERA: A legal analysis

Certain interpretation and implementation issues have had a serious impact on RERA. Here is a bird’s-eye view on recent legal developments in the real-estate sector.

The Real Estate (Regulation and Development) Act 2016 (RERA), was enacted to cleanse the real estate sector and obviate and alleviate allottee concerns on account of project delays, refund of consideration paid to the builders along with interest, stamp duty and registration charges. Its purpose was to curtail the unfair trade practices and malpractices plaguing the sector. It also aimed to benefit builders by providing a platform for transparency of information, to enable buyers to make informed decisions, thus benefiting all stakeholders in the sector.

Certain interpretation and implementation issues have had a serious impact on RERA; for instance, the provision with respect to the powers of the Authority and Adjudicating Officer (AO) for grant of refund and interest or refund, interest and compensation, either on account of cancellation of booking/allotment of the unit or flat or agreement for sale. These concerns have become so knotted that several matters have travelled from the authority level to the appellate authority, and thereafter the concerned high courts under second appeal and even the Supreme Court.

Click here to read the full article.

Certain interpretation and implementation issues have had a serious impact on RERA. Here is a bird’s-eye view on recent legal developments in the real-estate sector. The Real Estate (Regulation and Development) Act 2016 (RERA), was enacted to cleanse the real estate sector and obviate and alleviate allottee concerns on account of project delays, refund of consideration paid to the builders along with interest, stamp duty and registration charges. Its purpose was to curtail the unfair trade practices and malpractices plaguing the sector. It also aimed to benefit builders by providing a platform for transparency of information, to enable buyers to make informed decisions, thus benefiting all stakeholders in the sector. Certain interpretation and implementation issues have had a serious impact on RERA; for instance, the provision with respect to the powers of the Authority and Adjudicating Officer (AO) for grant of refund and interest or refund, interest and compensation, either on account of cancellation of booking/allotment of the unit or flat or agreement for sale. These concerns have become so knotted that several matters have travelled from the authority level to the appellate authority, and thereafter the concerned high courts under second appeal and even the Supreme Court. Click here to read the full article.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000