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WHAT THE SC ORDER ON RERA MEANS FOR HOMEBUYERS
BANKING FINANCE
|March 2022
The Supreme Court in its judgment last week suggested some changes in the Real Estate Regulatory Authority Act (RERA) to protect the interests of homebuyers. The ruling may force changes in state rules modelled on this Act.
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What are the broad contours of the ruling?
The apex court held that RERA is retroactive in its application and covers all projects for which completion certificates were not issued at the time of the Act’s implementation. The ruling has reaffirmed the jurisdiction of RERA on all projects that were ongoing when the law was getting enacted. Many states which diluted RERA provisions may now have to amend the regulations to ensure that all ongoing projects get covered under the Act. State authorities will now have to include and perhaps take action against such projects that have enjoyed exemption from RERA so far.
What else did the court say?
This story is from the March 2022 edition of BANKING FINANCE.
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