Decoding the Real Estate (Regulation and Development) Act (RERA): Protecting Homebuyers in Punjab and Haryana

How RERA Has Changed Real Estate Transactions in Punjab and Haryana

The Real Estate (Regulation and Development) Act, 2016 (RERA) has revolutionized the real estate sector in India by bringing transparency, accountability, and security for homebuyers. RERA protects homebuyers by mandating that developers register their projects with the RERA authority, adhere to strict deadlines, and disclose key project information, such as building plans and completion timelines.

In Punjab and Haryana, where urban development is rapidly growing, RERA has become a powerful tool for homebuyers to seek compensation for project delays, fraud, or any breach of contract by developers.

Key Benefits of RERA for Homebuyers

  1. Timely Project Delivery: Developers are now legally obligated to deliver projects on time. If they fail, buyers can seek compensation or cancel the agreement.
  2. Transparency: Builders must disclose all project details, including approvals, progress reports, and financial statements.
  3. Quality Assurance: Builders are responsible for fixing structural defects for up to five years after possession.

In the last few years, NCLT Chandigarh has witnessed a surge in RERA-related cases, with buyers approaching the tribunal for relief against errant developers. At CLV Associates, we help homebuyers file complaints and represent them in RERA tribunals to ensure they receive timely justice and compensation.

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