It is important to frame a model builder-buyer agreement to seek out transparency and uniformity and to protect the interest of homebuyers and consumers from builders’ unfair practices.
The outbreak of COVID-19 has adversely affected the real estate sector. This current situation gave massive disappointment and distress to the homebuyers
Explained why and how MahaRERA should implement and use Suo Motu Power and speculate about the effects of Suo Motu Powers on the homebuyers.
As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.
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 article speaks about the legal remedy or solution as to how an order passed by RERA or consumer court or others fixing any debts and liability can be executed or honored.
In the year of 2016, a new set of laws as RERA Act have been implemented, specifically to protect the homebuyer and ensure the growth of real estate sector.
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.
Over the course of the last two years, RERA has come up and grown as an effective weapon for consumers in the real estate sector. RERA has established itself and gained the awareness necessary to protect home buyers.
The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
Under Section 40 (1) of the RERA Act 2016, the authority can issue recovery warrants against developer who failed to comply with its order to refund home buyers.
An application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
The RERA authorities of the Various State are not granting refund looking into the wider interest of the Real Estate Sector.
Mumbai Grahak Panchayat has come with a solution wherein it has launched a portal that will enable buyers to upload information of ongoing residential projects
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