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Mumbai: The Bombay High Court today upheld the validity of the Real Estate (Regulation and Development) Act (RERA). A bench of Justices Naresh Patil and Rajesh Ketkar pronounced its judgement on a bunch of petitions filed by by real estate developers and individual plot owners, all challenging the constitutional validity of the Act that was brought into effect earlier this year.
The Act, among other things, mandates that all developers register themselves under a common regulatory authority. It also allows buyers to claim compensation for delay in possession, and envisages cancellation of a developer’s registration in case the developer fails to complete the project within stipulated deadline.
