As per the Central GST Act there being no supply of goods within the meaning of the GST Act in a real estate transaction as ‘Goods’, as per Section 2 (52) include only movable properties.
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
the orders passed by Rajasthan RERA that the Bank after exercising their rights over the real estate project under Section 13 of the SARFAESI Act becomes the assignee of the builder and are amenable to the jurisdiction of the RERA Authority.
The allottees long waiting for justice will now be able to secure the relief with the speedy process of hearing by single member benches.
All allottees approaching before these forums secure reliefs for them but the execution force is a bit low therefore they feel remediless even after winning a long legal battle. A better option which has come forward is where allottees come forward to form a group and then approach these forums.
A common practice among the Builders/Developers to issue Possession Letter without obtaining the Occupation Certificate to pressurize the allottees to pay complete sale price without any chance of getting the possession or execution of sale deed.
SARFAESI Act allows banks and financial institutions to recover their dues exceeding One Lakh Rupees by proceeding against secured assets of the borrower/guarantor without the intervention of the court/tribunals.
The Authority has the power to hear the grievances of the allottees regarding execution of the orders and the Authority also has the powers to pass orders:
The Complainant allottees are entitled to get the Recovery Certificate executed by the District Collector as arrears of land revenue under the Revenue Code and to receive the said amount after the execution and recovery.
The Newtech Promoters and Developer filed an appeal before Supreme Court against an Allahabad High Court order which dismissed its plea against an order of a single member of the Uttar Pradesh Real Estate Regulatory Authority.
In arbitration, whenever a civil dispute arises between two or more parties it is referred to the sole arbitrator or tribunal or three or more arbitrators, which always will be in odd numbers.
Hon’ble Supreme Court has reiterated and upheld that legal position of the Flat Buyers Association as consumer and has also made it clear that the builder cannot occupy any place, without the permission of the association, after the project is handed over.
Though arbitration has various advantages over traditional litigation but it is important to consider all of the options when preparing to initiate arbitration.
UP RERA, considering the surge of Covid-19 and restrictions imposed on construction due to an increase in pollution, has extended the registration of the projects, by default, for which no promoter has to file an application before the Authority.
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.