Blogs

Main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector.

Developers from Noida and Greater Noida failed to find Homebuyers as the Authorities are demanding a heavy price for ready flats, which buyers find unreasonable.

Hon’ble Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.

Hon’ble SC clarified the position of the homebuyers similar to that of a “financial creditor” under the IBC, after this the homebuyers were at a par with banks and financial institutions.

The IBC is favoured over the SARFAESI Act, primarily because it offers a quick solution and is also effective in reviving the company and safeguarding the interests of all stakeholders.

Lok Adalat will be held online and complaints filed before the UP-RERA under Section 31 of the RERA Act in which amicable settlement is possible or a party has filed an application for settlement will be heard.

“Supreme Court is playing with the emotion of homebuyers” an unhappy homebuyer of Jaypee Wishtown said after the Superme Courts’s order on Jaypee Infratech.

Disputes between builders and homebuyers in the Maharashtra that went to mediation were successfully settled, preventing time-consuming litigation in RERA Authority.

TN-RERA has recently passed an order to the builder to refund the amount with interest along with Rs. 75,000 for compensation and litigation expenses against the Developer for not providing the documents.

UP-RERA has taken this step to ensure that homebuyers’ interests are effectively protected and that the RERA Act’s provisions are followed.

The Hon’ble Supreme Court has followed the strict approach while dealing with the issue of limitation period of 45 days in filing reply for the complaint as stipulated under the Section 13(1)(a) of the Act.

Bihar-RERA issued an interim order in a case where it froze the bank accounts of a construction company and its directors.

All the promoters of the real estate projects registered with UP-RERA and similarly all the real estate agents registered with UP-RERA shall ensure strict compliance of these guidelines.

Completion Certificate contains all the important information about the project including location, details of developer/agents, material used for construction and whether the project has been built in accordance with the building plans or not.

Under Section 11 of the Act all the projects in the state are required to compulsorily register under RERA and this number is to be shown in every “advertisement” by the promoter.