In current scenario, buying immovable property whether it is plot, flat, residential house, shop or commercial property and investing in real estate is a big task. The reason being that a loose decision on such investment may fall into huge monetary loss, legal disputes, mental stress, so on and so forth. Therefore, guidance of experts and due diligence of the concerned property while making a decision for such investments is very much required.
We advise in property laws including but not limited to the legal due diligence, title search, drafting and registration of sale deed, conveyance deed, lease deeds, rent agreements, leave and license agreements, release deed, relinquishment deed, mortgage deed, partition deed, family settlement agreements, general power of attorney, will etc.
Real Estate and Dispute under RERA
The Real Estate (Regulation and Development) Act, 2016 (“RERA”) came into force from May 01, 2016 which seeks to protect home-buyers as well as help boost investments in the real estate industry.
The Purpose of RERA is:
- To establish the Real Estate Regulatory Authority for regulation and promotion of the Real Estate sector;
- To ensure transparency in projects;
- To protect the interest of consumers in the Real Estate Sector and to establish an adjudicating mechanism for speedy dispute redressal;
- To provide proper information about the Builder/Developer/Promoter;
- Provide recommendations to appropriate Government on in matters relating to the development & promotion of real estate sector;
The Significant Features of RERA are:
- It establishes the State Real Estate Regulatory Authority as the government body to be approached for redressal of grievances against any builder/developer;
- RERA is applicable to both residential and commercial real estate transactions;
- RERA makes it mandatory for builders/developers to post all information relating to its projects on website such as project plan, layout, government approvals, land title status, sub-contractors to the project, schedule for completion with the State Real Estate Regulatory Authority;
- Consumer is entitled to make complaint against Builder / Developer in case he fails to complete and handover the possession of the plots / flats / apartments etc. as per agreed terms.
- Every project measuring more than 500 square metres or more than eight apartments will have to be registered under RERA;
- The Builder / Developer cannot make any changes to the plant that had been sold without written consent of the buyer.
- Consumer is entitled to recover all payments made to Builder / Developer along with interest and compensation in case he fails to complete the projects and fails to handover the possession within timeline.
- The maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
We have dedicated team of experts to handle the matters relating to real estate advisory and appropriate legal action under RERA.