The Real Estate Regulatory Authority (RERA) has been instrumental in regulating the real estate industry in India. Its primary objective is to safeguard the interests of homebuyers and ensure timely delivery of projects. In Patna, RERA has been actively working towards addressing the grievances of homebuyers and compensating them for any losses incurred due to the developer's fault. In this article, we will discuss how RERA is compensating aggrieved buyers in Patna and protecting their rights.
How RERA is Compensating Aggrieved Buyers in Patna:
Compensation for Delayed Possession:
One of the most common grievances of homebuyers is the delay in possession of their properties. RERA has made it mandatory for developers to register their projects with the authority and provide a timeline for the completion of the project. If a developer fails to deliver the project on time, the homebuyer is entitled to compensation as per the agreement.
Refund for Cancellation:
Homebuyers have the right to cancel their booking if the developer fails to deliver the project on time. RERA has made it mandatory for developers to refund the entire amount paid by the homebuyer along with interest if the project is delayed beyond the agreed timeline.
Compensation for Structural Defects:
If there are any structural defects in the property, the homebuyer can approach RERA for compensation. The developer is liable to fix the defects and compensate the homebuyer for any loss incurred due to the defects.
Compensation for False Advertising:
If a developer has made false promises or misrepresentation in their advertising, the homebuyer can approach RERA for compensation. The developer is liable to compensate the homebuyer for any loss incurred due to false advertising.
Legal Recourse for Aggrieved Buyers:
If a homebuyer is not satisfied with the compensation provided by the developer, they can approach RERA for legal recourse. RERA has the power to impose penalties and even revoke the developer's registration if they fail to comply with the regulations.
RERA has been successful in regulating the real estate industry in Patna and protecting the rights of homebuyers. It has provided a platform for aggrieved buyers to seek compensation and legal recourse. If you are a homebuyer in Patna, it is essential to know your rights and approach RERA in case of any grievances. By doing so, you can ensure that your investment is protected, and you get the property you paid for.
Note: The information provided in this article about Bihar Real Estate Regulatory Authority is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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