RERA ACT is applicable to ongoing projects, says Bombay High Court
The Bombay high court has upheld the constitutional validity of the Real Estate (Regulation and Development) Act and its applicability to ongoing projects across states. The law intends to make homebuying a transparent and speedy transaction with powers of redressal.
The judgment, has offered a breather to builders too. It has expanded powers under Rera to grant more time in exceptional cases to a builder to complete a project. The additional time is meant to be granted in compelling circumstances on a case-by-case basis.
A division bench of Justices Naresh Patil and R G Ketkar gave separate but concurrent findings. The extension would go beyond the statutory one-year extension after the deadline for completion, which the Act requires the project’s promoter to mention during registration.