The Real Estate (Regulation and Development) Act, 2016 (RERA) transformed real estate transactions, establishing strict accountability for builders and developers.
Key Legal Takeaway
Under Section 18 of RERA, if a builder fails to deliver possession according to the agreement, the homebuyer has an unconditional right to withdraw and claim full refund with statutory interest, or claim monthly delay interest until possession.
1. Mandatory Project Registration and Disclosure
Promoters must register commercial and residential projects, deposit 70% of collections in an escrow account, and adhere to approved sanction plans.
2. Remedies for Delayed Possession (Section 18)
Allottees can opt for full refund of invested capital with SBI highest MCLR + 2% interest, or continue in the project while receiving monthly delay interest.
3. Five-Year Structural Defect Liability (Section 14)
Promoters are legally liable to rectify structural or workmanship defects free of charge within 30 days of notice for five years from possession.
4. Execution of RERA Orders via Recovery Certificates (RC)
Unsatisfied RERA awards are executed as arrears of land revenue by the District Collector through property attachment.
Frequently Asked Questions
Legal Guidance Note | RCS & Associates (Advocates & Lawyers in Roorkee & Haridwar)
Founder: Ramesh Chand Saini (Ex-Senior Prosecuting Officer, UP | M.A., MBA, LL.M.) | Member: Amardeep Saini (Notary & Advocate)
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