What’s New with RERA?
Sep 17, 2018 Real Estate News
The Real Estate (Regulation and Development) Act, 2016 (RERA) is making amendments to protect home buyers and boost up real estate investments. The aim is to bring all real estate projects under the ambit of the law. Changes have been made in law for ongoing projects so far.
Haryana RERA ruled that an “individual” was different from the brand name in the past. So, according to the interpretation, the authority had increased the renewal of license charge for several brokers to Rs 2.5 lakh. Now, an individual agent is liable to pay only Rs 25,000 as registration fee.
New changes in RERA
- Long-term Lease Properties: According to a recent hearing at Bombay High Court, properties under long-term lease and ‘lease to an agreement are also covered under RERA. Dismissal of appeal by Lavasa Corporation, which is registered under RERA, has set an example that compensation has to be borne by the developer along interest for the delay in providing possession regarding ‘agreement of sale’ under Section 18. Earlier, it was only those properties categorised under sale were covered in RERA, where ‘agreement to lease’ properties could not seek compensation for the delay of projects. With this recent amendment, the loophole has been subsided.
- The complaint against unregistered properties: Now mahaRERA will allow home buyers to file the complaint against builders for unregistered properties, although they are liable to pay a fee of Rs 5000.
- Amendment for force majeure: Force majeure clause is not applicable anymore for builders as an excuse for financial insufficiency and approval. Lavasa Corporation faced this recently where the hearing went in favour of a home buyer’s complaint about the delay in possession. The builder had to return the principal amount along with 10.65 per cent of interest.
- Amendments for past projects: RERA was implemented in May 2017. So far no action has been taken for past projects issues, which has raised a lot of debates and anguish. Haryana RERA Chairman has mentioned that this law applies to the past projects as well.
Haryana RERA ruled that an “individual” was different from the brand name in the past. So, according to the interpretation, the authority had increased the renewal of license charge for several brokers to Rs 2.5 lakh. Now, an individual agent is liable to pay only Rs 25,000 as registration fee.
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