Builder can’t force Buyer to take possession in case of Delay
NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
Search Results for: delays in possession
Consumer Forums back in the game-orders full refund in case of Delayed Possession
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
What if the agreement does not mention the possession date?
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.
Home Buyers can approach NCLT in case of extraordinary delay in possession or refund
Insolvency and bankruptcy Law 2016, has categorised the home buyers debt as financial debt to the real estate company/builder and therefore, homebuyers can claim their dues as bank claims its debt.
Builders not liable to pay for ‘justified’ delays: MahaRERA
MUMBAI: The Maharashtra Real Estate Regulatory Authority has for the first time expanded the scope of reasons beyond a builder’s control. The authority upheld a city builder’s claim that a 2009 project was delayed due to change of law, administrative conflicts and “incorrect classification of the plot as CRZ II’’ —reasons beyond his control. Hence, the builder … Continue reading “Builders not liable to pay for ‘justified’ delays: MahaRERA”
WORKING REPORT OF RERA AFTER ITS ENACTMENT
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
Navigating the Evolving Landscape of RERA Laws: A Present Perspective
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.
Complaint Under RERA
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.
The best time to file a case under RERA is NOW
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.
How to take maximum benefit from RERA as a Homebuyer and as a builder?
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Is your house stuck in a stalled real estate project? How did homebuyers take on builders to get their houses?
Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.
FUTURE OF MEDIATION IN INSOLVENCY PROCEEDINGS
Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.
Consumer court have the power to direct refund and compensation in case of delayed delivery of the apartment
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.
Position of home buyers in the case of Insolvency
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.
Complaint can be filed against subvention scheme violation under RERA
The RERA Authority has the power to decide and dispose of the complaints as RERA is the best and most expeditious remedy for homebuyers to get justice from the builder when they violate the subvention scheme and delays the possession.
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