The promoter is under obligation to pay interest on the amount paid by allottee from the date of payment till the possession is handed over to allottee.
the Yamuna Expressway Industrial Development Authority had cancelled the allotment of ‘Panorama’ in Sector 22A over non-payment of dues of Rs 46.8 crore.
A customer should remember of taking each document from the builder. The occupancy certificate should be taken before creating the ultimate possession payment to the builder to avoid any downside in future.
If the non-payment of a clear undisputed amount is being illegally and dishonestly avoided, whilst at the same time very large sums of money are being raised and spent by the same group or carrying on large real estate development projects.
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.
Out of the total 45,000 houses in the stalled projects of Amrapali Group, the process of completion of about 40000 housing units has begun. A huge relief to the homebuyers.
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.
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
The grievances of the homebuyers who have already taken the possession will be entertained by the AGRF now as the matters related to delay in possession of ongoing projects is under the purview of HRERA.
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 Supreme Court has finally settled the law and has provided relief to all the allottees which were being regularly harassed by the builders under the shed of one sided clauses in the Apartment Buyer’s Agreements.
More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
In the matter of Mr. Anil Mnagaldas Vade & ors. vs. Siddhitech Developers, the delay in filing an appeal u/s 44 of RERA Act, MREAT allowed delay of 14 months & 22 days to homebuyers.
MahaRERA has been a model for other states. Recently, its proved again when suo motu action was taken for the first time against large group of promoters.
join For Updates