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The Concept of Online RERA Registration in India has changed the availability of the consumer forum. 

· RERA Registration
RERA Registration - Corpbiz

The need for RERA registration has arisen for more safety and security to the buyers against the builders who involved more in fraud activities. The law in the form of consumer protection act was prevailing, but after implementation of the specific laws that is Real Estate Regulation and Development Act (RERA), the legal remedy has been more effectively availing by the consumers. Consumers had an option for the remedy earlier under the NCDRC (National Consumer Dispute Redressal Commission). The consumers, including homebuyers, feel more safety after the introduction of RERA registration the Real Estate (Regulation and Development) Act 2016.Add paragraph text here.

For the valid comparison first understand the importance of the Online RERA registration in India

  • RERA has a specific way to calculate the carpet area; the standard formula is given to calculate the area. And then accordingly charge the price for the project.
  • The developers were free to raised funds from the multiple projects and were easily able to transfer that  funds from one project to another. But after the RERA registration the funds raised in which about 70% has to be submitted in the particular separate bank account. Withdrawal of the fund can be possibly made after being certified by the architect, chartered accountant and by an engineer.
  • The buyers have to pay only 10% as an advance payment for the project, which saves the buyer from paying a large amount to the builders under RERA registration.
  • The buyers have benefited that make builder bound to rectify the damages caused in the building within 30 days. This service can be avail by the buyers within 5 years of the possession without any further cost paid under RERA registration.
  • RERA registration has made the obligation upon both the parties to pay the interest equally, which was earlier not applicable.
  • The RERA registration has also made any obligation upon the builder to refund the full amount with interest to the buyer if the promised project is not delivered or any mismatch gap in terms which was agreed by the builder.
  • The buyers can also get the compensation under RERA registration if there any dispute arises at the time of possession.
  • The buyer can keep the complete information regarding the project, such as its completion status, execution of the project and its layout.
  • The complaints can directly file to RERA by the buyer, agent or by the promoter. Further, the complaint can also go to the appellate tribunal.

The difference can be observed by the following between the RERA and Consumer Forums.Add a heading here.

RERA Registration In India

Conclusion

The RERA registration has specifically made for the homebuyers and matters related to the property dispute, but it does not make to lose the right of the buyer to go to the consumer forums for seeking a remedy. The amendments were also made in the consumer protection act so that it can be more familiar to consumers. The buyers are now not bound to make the settlement with the developer by the process of arbitration. Presently the buyer can move to the forums and files the case under RERA act, and the services can be availed by the consumers through Corpbiz. The large numbers of lawyers in the panel of the company are ready to help the buyer regarding the RERA as well as consumer protection act laws. Add paragraph text here.