RERA imposes penalty on late possession and for contravention of any other provisions under the Act. It may be in the nature of fine, imprisonment or both. RERA was enacted in the first place to check the delay in possession in real estate sector.

The Real Estate Regulatory Authority has been given the mandate to ensure the wrongful practices of builders with respect to delaying possession time lines and otherwise committing fraud with the home buyers by taking advance without a final contract being signed or terms being agreed or misleading with advertisements etc are done away with completely.

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