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RERA Applicable To Long Term Lease Agreement

Courtesy/By: M J Ronald | 11 Aug 2018

The RERA Act amplifies to regulate the sectors and bring in clarity for both developers/promoters and buyers in respect of the real estate projects. It seeks to protect the interest of numerous house buyers and also exemplifies the credibility of construction industry by elevating transparency, accountability and efficiency in implementation of projects.

Bombay HC in one of the recent Judgment clearly brings out the point that RERA is applicable to long term lease agreements. Also the court observed that when the lessee has paid ample amount of consideration, his rights cannot be excluded. People generally tend to invest their lifetime hard earned money by simply entering into agreements in the nature of purchase of house, building, apartment, etc. Thus, the buyers are still protected under the statute (RERA) and the mere denomination of the document as lease agreement will not take away their statutory rights.

Hence this Act also seeks to put in place an efficacious regulatory mechanism for orderly growth of the sector by providing statutory regulations. The law is well settled and must be abided by the citizens by clear understanding of their Fundamental rights, statutory rights and property rights for a peaceful sustainability.

Courtesy/By: M J Ronald | 11 Aug 2018