Haryana Real Estate Regulatory Authority (HRERA)
The Haryana Real Estate Regulatory Authority (HRERA) is a regulatory body established by the Government of Haryana, India, under the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). RERA is a central legislation enacted to protect the interests of homebuyers, promote transparency and accountability in the real estate sector, and establish an adjudicating mechanism for speedy dispute resolution.
HRERA was formed to implement the provisions of RERA specifically in the state of Haryana. Its primary objective is to regulate and promote the real estate sector by ensuring fair practices, timely completion of projects, and safeguarding the rights of buyers and investors. The authority oversees the registration of real estate projects and real estate agents, monitors project timelines, and ensures compliance with the provisions of RERA.
Key functions of HRERA include:
- Registration of real estate projects: HRERA requires developers to register their real estate projects with the authority before advertising, marketing, or selling any apartments, plots, or buildings within those projects. This ensures that developers provide all necessary information about the project, including project plans, layout details, approvals, and timelines.
- Registration of real estate agents: HRERA also mandates real estate agents to register with the authority. Agents need to provide accurate information about their business, such as their credentials, registration details, and project affiliations. This helps in promoting transparency and accountability in real estate transactions.
- Adjudication of disputes: HRERA acts as an adjudicating body for resolving disputes between buyers and developers, or between buyers and real estate agents. It provides a platform for quick and efficient dispute resolution, ensuring that homebuyers’ grievances are addressed in a timely manner.
- Protection of buyer’s interests: HRERA has the authority to ensure that developers adhere to the commitments made to homebuyers regarding project completion, amenities, and quality of construction. It protects the interests of buyers and ensures that they receive their rightful possession as per the agreed-upon terms.
- Regulation and oversight: HRERA regulates and monitors the functioning of the real estate sector in Haryana. It has the power to investigate complaints, issue directions, impose penalties, and take necessary actions against defaulting developers or agents.
The establishment of HRERA has brought more transparency and accountability to the real estate sector in Haryana. It has empowered homebuyers, streamlined the registration process, and provided a platform for resolving disputes in a fair and efficient manner.