A paradigm shift in many facets of daily life, including the resolution of disputes, has been sparked by the COVID-19 epidemic. It has not only transformed our lives, but it has also sparked a radical shift in the way we approach and settle disputes.
Covid-19 being a natural calamity and not having been caused due to actions of any party under a legal contract/agreement shall be treated as Force Majeure for a specific period of time or till the prevalence of lockdown, as and when the same shall be imposed by the Government.
Homebuyers were promised possession years ago but till date thousands of them are still waiting to get the possession and have faith in the system to get justice.
In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.
The Finance Minister disclosed that the stimulus package is a 15 step measure, the Tranche 2 announcement on 13th May 2020 disclosed 9 steps so far and that further steps to actualize the goals of AatmaNirbhar Bharat
The survey certainly provides an insight into the moods of the investors. However, for the government to ensure that the real-estate sector in India gets its fair share of investment amid this pandemic.
The timelines prescribed under the Limitation Act or different laws like Insolvency and Bankruptcy Code, 2016, the Arbitration Act, 1996 or any other action will stand extended.
Due to COVID-19 the most affected have been the real estate industry as both the demand as well as the supply side has been adversely affected.
the Insolvency Law Committee in 2020 constituted a sub-committee to study Pre-packaged Insolvency Resolution Process (PPIRP). On the basis of this subcommittee’s recommendations, the Insolvency and Bankruptcy Code was amended on 4/4/2021 through an ordinance to bring effect to this change.
The RBI needs to take affective steps in order to tackle the financial crisis being faced by the developers. If it continues longer, the interest of homebuyers may be compromised due to delay or non-delivery of projects.
Kerala RERA has warned promoters, agents, firms from advertising real estate projects prior to registering the project and also issued show cause notices to few developers which had indulged in such practice.
The UP-RERA has now requested the RBI to consider restructuring the loans taken by the builders for the completion of real estate projects.
By the reduction of duties to be paid at the time of registration, the real estate sector would witness the much-needed boost in demand.
Philanthropic step to waive off the interest over the outstanding amount on pending payments from homebuyers and allow something called as interest holiday by the Parsvnath Developers along with its associate companies.
The novel Coronavirus outbreak has worsened the liquidity crisis and worsened the already slowdown that has been going in the Real Estate Sector.
join For Updates