Period of two years is kept keeping in mind the fact that such reduction will give life to the real estate and people would show more interest in immovable property.
The novel Coronavirus outbreak has worsened the liquidity crisis and worsened the already slowdown that has been going in the Real Estate Sector.
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
In the case of Ashok Tripathi and Anr Vs. Ansal Properties and Infrastructure Ltd. that a decree-holder/homebuyer having refund order from RERA or other courts shall not be deemed as a homebuyer but a financial creditor.
The Government cleared the last mile funding for 2 stuck housing projects with over Rs. 540 crore capital commitment. That will provide relief to over 1,800 troubled homebuyers based in Bengaluru and Mumbai.
Haryana RERA authority has recently passed a detailed order laying down clear principles with regard to increase in super area. The authority gave leverage of 5% to 10% increase in super area to builders but specifically mentioned that an increase of 20% in super area is a huge increase thus, it does not appear to be justified.
Supertech plans to sell its assets to raise money for its real estate projects. The Real Estate Firm has various real estate projects based in Delhi and NCR
The HRERA issued directions that promoters should get their accounts audited within six months after the end of every financial year.
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.
The Karnataka RERA authority has been unable to help the aggrieved homebuyers due to lack of support from deputy commissioners, so the authority forced to write to the Revenue Department that Deputy Commissioners are not honoring the judgments to help home-buyers.