Understanding Your Rights as a Homebuyer Under RERA: Key FAQs

 

The Real Estate (Regulation and Development) Act (RERA) was enacted to safeguard the interests of homebuyers in India’s booming real estate market. As a consumer, it is essential to understand your rights and the recourse available to you if things go wrong. In this blog, we address some of the key frequently asked questions from a homebuyer’s perspective to help you navigate the complexities of the real estate process under RERA.

1. Is It Mandatory for Promoters to Obtain Permissions Before Registration?

Yes, as per RERA, a promoter must obtain all necessary permissions and approvals before applying for the project’s registration with MahaRERA. One of the key requirements is the Commencement Certificate, which confirms that the promoter has received the necessary approvals to begin construction. Without this certificate, the project cannot be registered with the real estate regulatory authority.

2. What Happens if a Developer Fails to Register a Project?

If a developer fails to register a project under RERA, they could face severe penalties. The penalty can extend up to 10% of the estimated cost of the project. If the violation continues, the developer could also face imprisonment for up to three years, a fine of an additional 10% of the project’s cost, or both. This ensures that developers adhere to the regulatory framework and homebuyers can trust that they are dealing with legitimate projects.

3. How Can Homebuyers Check if a Project is Registered with MahaRERA?

To protect homebuyers from fraudulent schemes, RERA mandates that all registered real estate projects must display their MahaRERA registration number on advertisements. Buyers can also check the MahaRERA website, which lists all registered projects. If the project you are considering does not appear on the list or lacks the registration number in advertisements, it may be an unregistered or illegal project.

4. What is the Penalty for Non-Compliance by Real Estate Agents?

Real estate agents are required to register with MahaRERA to operate legally. If an agent fails to register or violates the provisions of RERA, they can be penalized up to ₹10,000 per day for each day of non-compliance. The total penalty can extend up to 5% of the cost of the plot, apartment, or building for which the sale or purchase was facilitated by the agent.

5. Can a Homebuyer Get Compensation if There’s a Delay in Possession?

Yes. Under RERA, if a developer fails to deliver possession on time, the homebuyer is entitled to interest on the amount paid for the delayed period. This interest is automatically payable, as per the terms of the model agreement. In cases of further delay, the homebuyer can file a complaint with MahaRERA, which will address the grievance and enforce compensation.

6. How Can a Homebuyer File a Complaint with MahaRERA?

If a homebuyer faces issues such as delays, fraud, or misrepresentation, they can file a complaint with MahaRERA. The complaint can be filed online through the MahaRERA website, and it should include details such as the project’s registration number, particulars of the complainant and respondent, and the relief sought. The process is designed to be user-friendly, ensuring that consumers have easy access to justice.

In summary, RERA offers strong protection to homebuyers by ensuring transparency, accountability, and timely delivery. As a homebuyer, understanding your rights and responsibilities under this law can help you avoid potential pitfalls in real estate transactions.

Source : https://maharera.maharashtra.gov.in/