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.
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.
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.
H-RERA: K Khandelwal, the recently designated chairperson of Gurgaon seat of Haryana Real Estate Regulatory Authority (H-RERA),
The housing and urban affairs ministry has constituted a 30-member central advisory council, which will play key role in protecting the interest of consumers
A decision by the authority is a fundamental step towards constraining the real estate agents from exploiting extra money from buyers and sellers. The brokerage being fixed will turn down the chances of overcharging ultimately protecting the interest of homebuyers.
The RERA Authority issued warrants of attachment in respect of Rs 91.41 lakh to four bank accounts of M/s Supertech for deduction of the amount.
After Maharashtra and Uttar Pradesh, the state of Karnataka is all set to make its debut in establishing a conciliation forum apart from the existing real estate Authority.
The UP-RERA Authority has ordered to revoke the registration of these existing developers whose projects have been standing-out for more than one year.
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.
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.
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Section 18 (1) gives two kinds of rights to the homebuyers i.e. right to get a Refund along with Interest and the Right to get Compensation.
The Supreme Court did not agree to the payment of amounts deposited by the promoter to homebuyers on the grounds that it would be preferential payment to one class of creditors.
The Hon’ble Supreme Court’s decision is a watershed moment for homebuyers and allottees. A number of findings in the current judgment support this conclusion, including parallel remedies under RERA and the Consumer Protection Act.
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