Member of Parliament, Rajeev Chandrasekhar continued his campaign to protect home-buyers in the real estate industry and urged the government of Karnataka to implement Real Estate Regulatory Authority (RERA) Act.

MP Rajeev Chandrasekhar played vital role in formation of the RERA bill and thus met the activists demanding RERA to be implemented.

MP Rajeev put out a Tweet after the meeting:

 

The Parliament had passed the Real Estate (Regulation and Development) Act on May 1, 2016. This bill was passed to protect home-buyers and also boost investments in the real estate sector. The Real Estate Regulatory Authority (RERA) was established as part of the Act. According to rules, the Central and state governments should notify the same within six months. But, the rule has not been implemented in Karnataka.

According to RERA, all builders and developers must register the new and ongoing projects with the Regulatory Authority and also publish entire details of their projects on the official website of the Authority.

If builder fails to hand over the property by the date mentioned in the agreement for sale, one can withdraw from the project and will be compensated with the full amount paid till date with interest. The amount of interest differs from state to state and is dependent on the regulations issued by the state.

RERA states that the Regulatory Authority should dispose of complaints within 60 days from the date of filing. The delay in procedure can be recorded, but with proper reasons for not completing it within the specified time.

If the Regulatory Authority has been set up in your state, the complainant cannot file a case before a civil court or file a civil writ petition before the High Court, but will be dealt with the authority concerned. Recently, some High Courts have in fact been directing those who file civil writ petitions before it to approach the Regulatory Authority in that state. But if the state has not set up a Regulatory Authority yet, the complainant might file a civil case against the real estate fraud.