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.
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.
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.
Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.
The main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector. An aggrieved homebuyer seeks right legal remedy after getting exploited by the builder.
Creditors who fails to the submit the claims with proof within 14 days can submit their claims within 90 days from the Insolvency Commencement date as per the amendment of Regulation 12(2).
RERA’s fundamental goal is to advance straightforwardness, responsibility, and productivity in the real estate sector. In this blog you will find out around 10 major Benefits of RERA Act, for Home Buyers.
The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
whereas legislation like RERA provides for individual remedies against the Builder, the IBC Code gives collective control over the affairs and management of the Corporate Debtor to its financial creditors.