Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
The Haryana Real Estate Regulatory Authority has issued notice to Empire Realtech Pvt Ltd along and an associated company, CHD Developers for completion of ongoing projects or face cancellation of registration. The HARERA has decided to debar builders from acquiring fresh licenses whose previous projects have been delayed. Also, the authority will blacklist such builders and a list of 50 builders in Gurugram has already been prepared.
The MahaRERA in three separate orders directed the CCI Projects Ltd to pay interest on delayed period of possession after the ongoing six-month moratorium due to covid-19 crisis is over.
Not mentioning the date of giving possession to the buyer is a clear matter of fraud and misrepresentation and as per the Maharashtra Ownership of Flats Act of 1963.
This article is about just to shed some light on the issue to understand this predicament of Delay in possession of the flats.
In recent years, Real Estate Regulatory Authorities (RERAs) have emerged as key players in shaping the real estate sector, ensuring transparency, accountability, and protecting the rights of homebuyers. Real Estate Regulatory Authorities were established to regulate and promote the real estate sector, with the primary objective of safeguarding the interests of homebuyers and promoting fair practices within the industry.
The real estate sector was unregulated for a long time. If customers experienced delays, they had little redress. Because court disputes may take a long time, most customers were at the discretion of the builders. A proper complaint process has emerged as a result of the implementation of RERA.
Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as “RERA Act”) basically aims to bring efficiency and transparency to the real estate industry, and one of the main priority to protect the interest of the buyers in the real estate sector.
RERA was implemented to acknowledge and solve discrepancies and issues of home buyers. By establishing rules for the sale of real estate and requiring developers to adhere to certain criteria, it protects the interests of homebuyers.
The allottees are left helpless when the developers stands either insolvent or incapable of delivering the possession even after passage of years beyond the date of delivery.
IFMS is an additional amount given by the buyers to the developer/builder till the time resident’s welfare association (RWA) is formed. The purpose of forming RWA is maintenance purpose, security purpose and projects for developments.
The Economic Offences form a separate category of criminal offences. Economic Offences not only victimize individuals with pecuniary loss but can also have serious repercussions on the national economy. Economic offences, such as counterfeiting of currency, financial scams, fraud, money laundering, etc.
It is important to frame a model builder-buyer agreement to seek out transparency and uniformity and to protect the interest of homebuyers and consumers from builders’ unfair practices.
The apex court held that the Code isn’t a machinery for recovery though its usage in several perspectives still be within the nature of a recovery system.
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