A judgement has been held by Hon’ble Supreme Court that the powers of the NCLT under the IBC do not extend to adjudicating disputes relating to quasi- judicial or statutory authorities.
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.
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
Money matters are a sensitive issue for everyone involved in the business as nobody would want to leave or lose their hard-earned money like that.
As compared to RERA in other states Karnataka RERA has been disappointing since the day it got enacted. Builders and homebuyers both remained unhappy for many reasons.
As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.
The manner of recovery of interest, penalty and compensation and the same is to be carried out in the manner provided in Karnataka Land Revenue Act 1967 and the rules made there under.
MahaRERA ordered the web portals companies to get themselves registered as Real Estate agents under RERA within 2 months of the order.
States were directed to establish a regulatory authority, whose work was to overlook the registration process and ensure compliance of the policies of the state.
Real estate (regulation & development) act, 2016 (RERA) came as a sigh of relief for the homebuyers (Financial creditors), providing them with adequate relief unlike available conventional remedies under civil and consumer laws