Can Haryana RERA help in case of project delays by developers?

Can Haryana RERA help in case of project delays by developers?

Answered by

MAHESHWARI & CO.

Published At July 29, 2024

Answer

Yes, Haryana RERA can assist in cases of project delays by developers. The authority has been established to protect the interests of homebuyers and ensure transparency and accountability in the real estate sector.

Haryana RERA can take several actions against developers who delay project completion. For instance, it can impose penalties and order the freezing of unsold inventory. Homebuyers can file complaints with H-RERA if they face delays. The authority will investigate these complaints and can impose stringent penalties on developers. Additionally, developers are required to pay interest for the delay in handing over possession, which can be as high as 10% of the invested amount​​.

Furthermore, H-RERA mandates that developers must submit regular progress reports and audits to ensure continuous monitoring of project development. This helps in maintaining transparency and ensures that funds collected from homebuyers are utilized appropriately for the intended project​​.

In summary, Haryana RERA provides a robust framework to address issues related to project delays by developers, ensuring that the rights of homebuyers are protected and promoting fair practices in the real estate sector.

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