If you’re a resident of Prestige Park Grove in Whitefield, Bangalore, you’re likely to be familiar with the Real Estate (Regulation and Development) Act, 2016 (RERA). This act has been introduced to regulate the real estate sector, promote transparency, accountability, and efficiency in the industry, and protect the interests of homebuyers.
However, despite the implementation of RERA, real estate disputes are still prevalent in India. In this article, we will discuss what RERA is, how it can benefit you as a homeowner, and the process of dispute resolution under RERA.
RERA is a central legislation that seeks to regulate the real estate sector by creating a regulatory authority in each state and union territory. This act aims to ensure that real estate projects are completed on time, and developers are held accountable for their actions. RERA requires developers to register their projects with the regulatory authority, disclose project-related information, and adhere to timelines for project completion
RERA and Prestige Park Grove
As a homeowner or homebuyer at Prestige Park Grove, you are protected under RERA. The developer of Prestige Park Grove is obligated to register the project with the Karnataka RERA authority, provide accurate and timely information about the project, and adhere to the timelines specified in the agreement with the buyers. Any deviation from the agreement can result in penalties and legal action under RERA.
Benefits of RERA
As a homeowner, RERA can be beneficial to you in several ways. Firstly, it requires developers to register their projects with the regulatory authority, which ensures that the developer is legitimate and trustworthy. Secondly, developers must disclose all relevant information regarding the project, such as project plans, land titles, approvals, and completion timelines. This helps homebuyers make informed decisions and protects them from fraudulent activities.
Real Estate Dispute Resolution
Despite the safeguards provided by RERA, disputes between homebuyers and developers can still arise. In such cases, RERA provides a dispute resolution mechanism that is quick, cost-effective, and efficient.
Types of Disputes
Real estate disputes can broadly be classified into two categories: disputes between the developer and the buyer and disputes among co-owners of a property.
Disputes between the Developer and the Buyer
These disputes can arise due to delays in project completion, false advertising, non-adherence to building regulations, or any other breach of the agreement between the developer and the buyer.
Disputes among Co-owners
These disputes can arise due to differences in opinion regarding the maintenance of common areas, sharing of expenses, or any other matter relating to the property.
Dispute Resolution under RERA
Despite the benefits of RERA, real estate disputes may still arise. In such cases, RERA provides for dispute resolution through its regulatory authority. The process of dispute resolution under RERA involves the following steps:
Step 1: Filing a Complaint
A homeowner can file a complaint with the regulatory authority under RERA for any violation or non-compliance by the developer. The complaint must be in writing and must include details such as the nature of the violation, the relief sought, and any supporting documents.
Step 2: Hearing
Once the complaint is filed, the regulatory authority will issue a notice to the developer and conduct a hearing. Both parties will have the opportunity to present their case and provide evidence in support of their claims.
Step 3: Order
After considering all the evidence presented, the regulatory authority will pass an order. The order may direct the developer to rectify the violation, pay compensation, or any other relief deemed appropriate.
Step 4: Appeal
If a party is dissatisfied with the order passed by the regulatory authority, they can file an appeal with the Appellate Tribunal established under RERA.
In conclusion, RERA has been introduced to regulate the real estate sector, promote transparency, accountability, and efficiency, and protect the interests of homebuyers. As a homeowner in Prestige Park Grove, Whitefield, Bangalore, it is important to understand the benefits of RERA and the process of dispute resolution under the act. By doing so, you can protect your rights and interests in the event of any dispute with your developer.