Hundreds of homebuyers in Karnataka have been left in the lurch as they still haven’t received compensation from the developers. The Karnataka RERA has already passed orders against these errant developers and penalized them for not delivering possession
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.
RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.
The RERA authorities of the Various State are not granting refund looking into the wider interest of the Real Estate Sector.
case of any structural defect incurred in next five years from the date of giving the possession; the builder/promoter is liable to rectify the defect at his own cost.
An audit of 14 housing projects in Noida, concluded by the international firm M/s Currie and Brown found that amount worth Rs. 4000 crore were being allegedly diverted by builders of 11 housing projects to which the Noida Authority has now issued a notice.
MUMBAI: The Maharashtra Real Estate Regulatory Authority has for the first time expanded the scope of reasons beyond a builder’s control. The authority upheld a city builder’s claim that a 2009 project was delayed due to change of law, administrative conflicts and “incorrect classification of the plot as CRZ II’’ —reasons beyond his control. Hence, the builder … Continue reading “Builders not liable to pay for ‘justified’ delays: MahaRERA”
The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer is a king.
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.
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.
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
If a homebuyer failed to file his/her case then will his/her case will not be taken and his grievances won’t be solved? The answer to this question is “NO”! The reason here is that the limitation period in the case of a homebuyer is continuous in view of the non-handing over of the possession of the unit.
Neither the promoter nor the allottee can deny such rights & duties as mentioned in this article no matter what has been documented by the Builder or agreed by the Allottee.
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.
Section 18(1) of the RERA Act provides for ‘Return of amount and compensation’ which is the base for complaint under section 31 seeking refund, interest and compensation.
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