What is the timeline for completing a project under the RERA Act?

The timeline for completing a real estate project under the Real Estate (Regulation and Development) Act (RERA) can vary depending on the specific provisions mentioned in the agreement between the developer and the home buyers. RERA itself does not set a specific timeline for project completion but emphasizes the need for developers to adhere to the agreedupon timelines mentioned in the sale agreement.

Developers are legally obligated to disclose the estimated project completion timeline at the time of registration with the respective state's RERA authority. This timeline should be mentioned in the sale agreement with the home buyers, and the developer is expected to complete the project within that stipulated timeframe.

If there are any delays in project completion beyond the agreedupon timeline, the developer is required to compensate the home buyers as per the provisions of the agreement and RERA regulations. The compensation may include payment of interest to the home buyers for the delay period, as specified by RERA.

It's important for home buyers to carefully review the project completion timeline mentioned in the sale agreement and ensure that it aligns with their expectations. If there are any changes or deviations from the original timeline, the developer is obligated to communicate the revised timeline and seek the consent of the home buyers for such changes.

RERA aims to ensure timely project completion and protect the interests of home buyers by providing a mechanism for seeking compensation in case of project delays. Home buyers should refer to the RERA registration documents, sale agreement, and consult legal professionals for a better understanding of the specific timeline provisions and their rights under the Act.