Examples of RERA Act in a sentence
The Promoter shall compensate the Allottee in case of any loss caused to him due to defective title of the land found due to default or negligence of promoter, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for interest at the agreed rate which shall be not more than the rate prescribed under the RERA Act and Rules and compensation under this provision shall not be barred by limitation provided under any law for the time being in force.
The RERA Act establishes Real Estate Regulatory Authority (RERA) in every state for regulation and promotion of the real estate sector.
Section 79 of the RERA Act bars jurisdiction of a Civil Court to entertain any suit or proceeding in respect of any matter which the Authority or the adjudicating officer or the Appellate Tribunal is empowered under the RERA Act to determine.
Focus on EPC Segment We believe that the implementation of the RERA Act will have far reaching consequences on the construction industry in India, including the Mumbai Real Estate market dynamics.
The absence of bar under Section 79 to the initiation of proceedings before a fora which cannot be called a Civil Court and express saving under Section 88 of the RERA Act, make the position quite clear.
Furthermore, we note that S.88 of the RERA Act states that the Act is in addition to, and not in derogation of, the provisions of any other law for the time being in force.
Again, insofar as cases where such proceedings under the CP Act are initiated after the provisions of the RERA Act came into force, there is nothing in the RERA Act which bars such initiation.
On the basis of above mentioned case law and legal maxims, we conclude that in the present matter of dispute the RERA Act will apply rather than the Arbitration Act, and that the Authority has proper jurisdiction and the complaint is maintainable whereas Arbitration and Conciliation Act, 1996 is not applicable to the present dispute.
The RERA Act thus definitely provides a remedy to an allottee who wishes to withdraw from the Project or claim return on his investment.
With the enactment of the RERA Act, the legal alternative has not only been made available, but it has been made mandatorily applicable not only to all future projects but also to all on-going ones.