The government of Madhya Pradesh had amended RERA state rules for the appointment and issued a gazette notification regarding the same.
In August 2019, the Supreme Court of India upheld the amendment so made in 2018 to deem allottees of real estate projects to be “financial creditors.
If the builder is delaying in giving possession or not giving the property as per the agreements there are some effective legal remedies for the aggrieved homebuyers under the law.
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.
The hope of Ramkrishna Shard Parsodkar and his wife was shattered in to pieces when the builder failed to give possession after years of booking. That after being tormented at the hands of the builder, the couple was forced to approach the highest Consumer court of the county.