RERA Applied To All Ongoing Projects, Rules Supreme Court

The Real Estate (Regulation and Development) Act (RERA), 2016, applies to all ongoing projects for which completion certificate hasn’t been issued, the Supreme Court has ruled. “The clear and unambiguous language of the statute is retroactive in operation… The legislature consciously enacted a retroactive statute to ensure sale of plot, apartment or building, real estate project is done in an efficient and transparent manner so that the interest of consumers in the real estate sector is protected by all means," a Bench led by Justice UU Lalit said. The legislative intent was to make the Act applicable not only to the projects which were yet to commence after the Act became operational but also to bring under its fold the ongoing projects and to protect from its inception the rights of the stakeholders, it noted.