RERA Act grants the remedy to the homebuyers where they can file a complaint under section 31 of RERA Act and can claim interest for delay in possession by the developers. Homebuyers must seek legal assistance without delaying.
Maharashtra Real Estate Appellate Tribunal (MahaRERA) observed in an order of Dinesh R. Humane V/s Piramal Estate Private Ltd., that could offer relief to many flat allottees that the right to reserve a flat includes the right to cancel the reservation.
Homebuyers may have delayed projects completed under the aegis of the AoA, under the model formulated under Section 8 of RERA. Joint proposal of ASGI Properties Pvt Ltd and ASG Apple 7 Buyers Association, authorised the developer to complete the stalled project.
Disputes between builders and homebuyers in the Maharashtra that went to mediation were successfully settled, preventing time-consuming litigation in RERA Authority.
TN-RERA has recently passed an order to the builder to refund the amount with interest along with Rs. 75,000 for compensation and litigation expenses against the Developer for not providing the documents.
More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
The Ministry of Corporate Affairs had earlier limited initiation of fresh insolvency proceedings for a period of 6 months which now stands extended to 1 year.
Continuous demands of the project developers for extension of RERA registration have posed a major question of marginalizing the interest of the Homebuyers.
RERA Authorities being regulators are trying to help the Developers in one form or the other. Maharashtra & Karnataka-RERA have already given a three-month extension to registered projects.
Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
Complaint was filed by Greenopolis Welfare association against the promoters, M/s Orris Infrastructure Private Limited and M/s Three C Shelters Pvt. Ltd. for not giving possession by the due date.
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.
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.
CEO, and country head, JLL India said that the selling of the completed apartment is viable if the developer has enough liquidity to complete the project.
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