The real estate regulatory act was planned strongly and implemented swiftly. The rules are there but the rules have been made very flexible.
For example in this case the RERA has been given a maximum time of 60 days for resolving any issue raised with the RERA. However there is provision, that if the issue is not resolved within 60 days; RERA can take much more time, by just specifying the reason for the delay in the resolution.
A customer can demand refund of his payment done for the flat he/she booked in a project:
-if the promoter fails to complete or is unable to give possession of an apartment, plot or building, in accordance with the terms of the agreement for sale or, as the case may be, duly completed by the date specified therein;
– if the promoter fails to complete or is unable to give possession of an apartment, plot or building) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under this Act or for any other reason
In these cases, if customer/allottee wishes to withdraw from the project and asks for a refund; developer will have to return the amount received by him in respect of that apartment, plot, building, as the case may be, with interest as mentioned in the RERA act or the builder buyer agreement.
In cases where the project is delayed and the customer has not asked for a refund; developer shall be liable to pay interest for every month of delay, till the handing over of the possession, at prescribed rate
As a simple thumb rule you can consider that if the project you are invested in,has a plot size of more than 500 sq. mt or the total number of apartments being constructed in the building or project is more than 8, then the project should be registered with RERA Authority.
As a consumer you can always ask the developer to provide reason in writing, why his project is not registered with the RERA Authority. If developer doesn’t reply properly, you can consider there is something fishy here. Start digging deep and good luck for your investments!