Hon’ble P&H High Court has for now stayed the said amendment from operation and the matter is now listed to be taken up in January 2020 for further orders.
Real sector is backbone of economy; hence Government is doing every best either in way to introduce new laws or new AIF funds. We advice to make best of this opportunity.
The HRERA once more in a distinctive and groundbreaking feat attached the properties of the Developer to secure funds to ensure the completion of the Greenopolis Project.
As a buyer if you aware that a project should be registered then you can move a plain application to that effect before the RERA Authority and they shall take a suomoto cognizance over the same.
The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
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.
The government of Madhya Pradesh had amended RERA state rules for the appointment and issued a gazette notification regarding the same.
NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
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.
Real estate industry has been a constant concern for all interested parties. Decline of big names like Amarpali, Jaypee, Supertech along many others around the country, has left lakhs of homebuyers in lurch.