The period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown.
Most residents are living in individual societies, which are not embraced with shopping complexes and health care facilities.
Karnataka RERA has given a deadline extension of three months to all registered ongoing Real Estate Projects across the State.
Once again the pandemic is hitting us hard in its second wave leaving no other option but to once again choose the path of virtual courts. So the decision of the RERA Authorities to go virtual is just to settle the disputes without any further delay and not to let the pandemic hamper our justice system.
Conciliation forum is one such mechanism to resolve the issues adeptly. But there are several cases in which a conciliation agreement has not been honored by the builders.
The rationale of the Ordinance is certainly to ensure that Insolvency and Bankruptcy Code, 2016 lives up to its preamble that is – maximization of value of assets. The newly inserted Section 10A certainly brings about a balance of interest between creditors and debtors.
The RBI has decided to extend the moratorium period for another 3 months. This move of the RBI is laudable from the perspective of individual homebuyers.
Such one-sided notification by MahaRERA is a big black mark on the rights of the homebuyers. The notification provided all sorts of protection to developers/builders in terms of payment of interest and delivery of units but it nowhere caters to the difficulties faced by the homebuyers.
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 real estate industry, contributing 7 percent to the GDP and employing 15% of the labor force, has come to a complete standstill. Recently, MahaRERA has decided to hear urgent cases.
Builders requested that Refund and penal orders to be set aside or be reviewed due to the COVID-19 outbreak financial markets are seeing an all-time low.
GujRERA authority has extended benefit to more than 80% of the ongoing projects across the state which are likely to be completed in the next four years.
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 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.
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