The survey certainly provides an insight into the moods of the investors. However, for the government to ensure that the real-estate sector in India gets its fair share of investment amid this pandemic.
The promoter is under obligation to pay interest on the amount paid by allottee from the date of payment till the possession is handed over to allottee.
In the matter of Mr. Anil Mnagaldas Vade & ors. vs. Siddhitech Developers, the delay in filing an appeal u/s 44 of RERA Act, MREAT allowed delay of 14 months & 22 days to homebuyers.
MREAT directed the developers to refund the forfeited amount of Rs. 8.14 lakhs to Jagdish Patel and Pravin Patel within two months.
Bihar RERA authority has taken Suo-Motu cognizance against five promoters and builders with the highest number of complaints.
It was observed that once the complainant has given the aforesaid consent he cannot withdraw it as respondents have acted upon the same.
The new trends of the Real Estate sector show a market that has learnt from its errors and is confident to make an increasing comeback with a focus of consumer welfare and diversification of market.
NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
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 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.
Not mentioning the date of giving possession to the buyer is a clear matter of fraud and misrepresentation and as per the Maharashtra Ownership of Flats Act of 1963.
There are such no. of cases wherein Builder does not have OC but they are offering the possession to the Home-buyers; even knowing the fact that this is an illegal act.
The high court upheld the decision of the Appellate tribunal by directing the builder to deposit the 50% of the refund amount as ordered by the authority in order to hear the plea.
MahaRERA had setup a Conciliation Forum for aggrieved homebuyers who can approach the forum to get their grievances solved, before lodging complaints with the MahaRERA.
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