Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as “RERA Act”) basically aims to bring efficiency and transparency to the real estate industry, and one of the main priority to protect the interest of the buyers in the real estate sector.
When disputes arise between parties in a business or legal context, there are various ways to resolve them. One effective method is arbitration, where an impartial and independent body, known as an arbitral tribunal, is appointed to settle the dispute outside of traditional court proceedings.
Sec 2(37) of the Companies Act, 2013 defines “employees stock option” read with Sec 62(1)(b) of the Companies Act, 2013 and Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014.
Sec 2(37) of the Companies Act, 2013 defines “employees stock option” read with Sec 62(1)(b) of the Companies Act, 2013 and Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014.
The offence of cheque bounce is punishable u/s 138 with a fine which can extend to twice the cheque amount or imprisonment for a term not exceeding 2 years.
Forcing an employee to work against his will is neither ethical nor legal. In some cases, an employee is made to do work for long hours without adequate compensation or breaks such actions may even be considered harassment or discrimination.
Incorporation of one-sided clauses in the agreement where the buyer is expected to sign on the dotted lines having no other option would amount to unfair trade practices under the Consumer Protection Act, 1986.
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.
A respondent has violated the provisions of section 18 of the RERA and hence the complainant is entitled to seek interest for the delayed possession under section 18 of the RERA.
Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.
The Appellate Tribunal recorded its dissatisfaction to the effect that the appellant has not complied with provisions of Section 43(5) of the Act, 2016 and has not deposited the balance amount.
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
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.
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.
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