Real Estate sector has grown beyond expectations in recent times, it has also brought various duties and responsibilities for all the people involved. One of such responsibility lies on the shoulder of the promoter or the developer.

In India after farming, the second biggest financial area is of land and building up of RERA Act, 2017 is a major advance towards a more organized method of managing the housing market in India.

All allottees approaching before these forums secure reliefs for them but the execution force is a bit low therefore they feel remediless even after winning a long legal battle. A better option which has come forward is where allottees come forward to form a group and then approach these forums.

A common practice among the Builders/Developers to issue Possession Letter without obtaining the Occupation Certificate to pressurize the allottees to pay complete sale price without any chance of getting the possession or execution of sale deed.

IFMS is an additional amount given by the buyers to the developer/builder till the time resident’s welfare association (RWA) is formed. The purpose of forming RWA is maintenance purpose, security purpose and projects for developments.

The Competent Authorities hold the power to revocate the registration of such promoters along with the publication of the name of such promoter in the defaulter’s list.

The Authority has the power to hear the grievances of the allottees regarding execution of the orders and the Authority also has the powers to pass orders:

The Complainant allottees are entitled to get the Recovery Certificate executed by the District Collector as arrears of land revenue under the Revenue Code and to receive the said amount after the execution and recovery.

The Karnataka High Court on 16.11.2021, allowed a deferment of all loan repayments, and directed the bank not to recovery the home loan and refrain from take any coercive action.

The RERA Act is the best reform happened for the homebuyers. If in any situation a dispute arises, the offences, procedure and penalty is being clearly stated.

The Newtech Promoters and Developer filed an appeal before Supreme Court against an Allahabad High Court order which dismissed its plea against an order of a single member of the Uttar Pradesh Real Estate Regulatory Authority.

IFMS is an additional amount given by the buyers to the developer/builder till the time resident’s welfare association (RWA) is formed. The purpose of forming RWA is maintenance purpose, security purpose and projects for developments.

Hon’ble Supreme Court has reiterated and upheld that legal position of the Flat Buyers Association as consumer and has also made it clear that the builder cannot occupy any place, without the permission of the association, after the project is handed over.

Karnataka Real Estate Regulatory Authority (hereinafter referred to as K-RERA or authority) has given a deadline extension for the projects that were supposed to be completed in April or later to September 2021.

Before signing on subvention agreement the buyers must read the agreement thoroughly to avoid any mishappening in future.