Search Results for: protect the interest of the homebuyers

COVID-19 Crisis-The government should protect the interest of the Homebuyers

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.

Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case

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.

When Your Builder Goes Insolvent: Legal Rights & Remedies for Homebuyers

One of the major financial commitments is buying your own home. Unfortunately, in todays’ time, many homebuyers are facing situations where the Builders are unable to complete their Projects on time due to any reason whatsoever, and ends up into insolvency, leaving the homebuyers anxious about losing their investments. If you are also amongst such homebuyers, who are distressed by such a situation and are searching for the right path to get a resolution, you are at the right place.

The Impact of RERA on Homebuyers in India

RERA has been a game changer for homebuyers in India. Real Estate (Regulation and Development) Act, 2016 (RERA) has made home buying less intimidating by prioritizing home buyers. Before enactment of the RERA, the real estate sector was largely unregulated, unfettered, leaving homebuyers with little protection. The RERA was introduced to bring transparency, accountability, and timely possession to the homebuyers.

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.

Submissions of claims by homebuyers under IBC

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).

How RERA Benefits Homebuyers

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.

Can homebuyers approach the Supreme Court under Article 32 against developers?

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.

Why Should Homebuyers approach NCLT against defaulting Real Estate Developers/Builders?

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.

Aggrieved homebuyers should approach NCLT or RERA?

NCLT and RERA have different functioning and approach to tackle cases of homebuyers, often homebuyers are confused on which remedy to choose.

RERA does not bar remedies under Consumer Protection Act: SC

Supreme Court rules that remedies under RERA and Consumer can be pursued by a buyer and one does not bar another. The same has been done in the matter of “M/S Imperial Structures Ltd vs Anil Patni and another”.

Reverse Insolvency- Legal Remedy to Homebuyers as Group to get the Project Completed

The reason for stalling of a project can be one or many but the real objective for a homebuyer is to get the best possible remedy which protects the interest of all homebuyers of such a project.

MahaRERA orders CCI Projects to Pay Interest on Delayed Possession

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.