RECENT AMENDMENTS IN HARYANA RERA RULES
The last two decades have seen a property boom in India, particularly in metropolitan regions. Everyone values having a home and a personal space. There has been much discussion about huge real estate companies failing to execute projects for years, while home buyers have paid more than 80% and are still waiting for possession. As a result of this revelation, hundreds of people’s dreams of purchasing a home were destroyed. Unkept commitments on projects from some builders also disheartened the public and made them wary on real estate investments. All of this culminated in the introduction of a much-needed law and legal authority to oversee builders and track if the so-called real estate project is a scam in your name. The Real Estate Regulatory Authority (RERA) Act of 2016 came into effect on May 1, 2016. Some sections took longer than others to complete, and legislators were notified on May 1, 2017. RERA is a fundamental law that establishes several standards for builders,...