Real Estate Regulation Act
Introduction and Importance
There are innumerable laws governing the transfer and use of property – including regulations on construction, use, utilities, transfer, registration, rent, and more. This means that, whether you sell, lease, mortgage, or rent property, at some time or another you will have to interact with the complex laws governing real estate. Certain acts bar the builders and promoters from advertising, marketing, or inviting people to purchase any plots, apartments, or buildings in real estate projects without due registration of such projects. Others provide for administrative clearances or alternative dispute redress mechanisms.
Given the complexity of the legal landscape, hiring an expert real estate attorney can be highly beneficial when engaging in any real estate transaction. Real estate lawyers are skilled in a variety of real estate services – initial due diligence, purchase agreements, title searches, builder-buyer agreements, lease agreements, power of attorney, transfer of documents, and many others.
The services, inter alia, include:
- Opinions
- Registration of project with RERA
- Appearing before the RERA, Adjudicating Officer, and Appellate Tribunal
- Handling mediation between Promoters and home buyers
- Structuring joint venture/joint development agreements
- Establishing escrow mechanism for disbursement of receivables between the Developer, Landowner, and Investor
- Advising homeowners associations
- Preparing handover dossier at the time of handing over the completed project by the Promoter to the Owners Association
