Warranties and Liabilities of Builders, Tamil Nadu- RERA Act
Warranties under the RERA Act The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted by the Indian government to safeguard the interests of homebuyers and to regulate the real estate industry. RERA establishes certain rights and warranties for homebuyers, and it imposes significant responsibilities on promoters (developers). The provisions under RERA specifically detail the promoter’s liability and warranties, aiming to bring accountability, transparency, and reliability to real estate transactions. 1. Understanding the Role of the Promoter under RERA The term "promoter" under RERA includes builders, developers, contractors, and any person responsible for the development and sale of a real estate project. RERA requires promoters to fulfill their obligations in an efficient and timely manner, ensuring that the rights...