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.
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.
IBC and RERA Act, enacted in 2016, appear to be pitted against each other as far as protecting the interests of bankers and home buyers are concerned.
The IBC (Amendment) Bill 2017 was passed by the Lok Sabha to form the base for covering loopholes in prevailing code and to increase the effectiveness of the resolution.
The homebuyers have got a huge sigh of relief, and are finding it easier to get their money back which was a big deal before the enactment of IBC.
H-RERA: K Khandelwal, the recently designated chairperson of Gurgaon seat of Haryana Real Estate Regulatory Authority (H-RERA),
The government is undertaking efforts to establish homebuyers’ confidence for committing to under-construction homes by encouraging states to implement RERA, which would protect the buyer’s interests
Homebuyers who are heavy-hearted with Haryana’s RERA Act are in the intention of percolating to the National Consumer Disputes Redressal Commission (NCDRC) to protect their interests.
A builder-buyer agreement with mandatory clauses that the states or union territories cannot change has been proposed to the Supreme Court by the federal government.
The Supreme Court did not agree to the payment of amounts deposited by the promoter to homebuyers on the grounds that it would be preferential payment to one class of creditors.
UPRERA Authority has imposed penalty of Rs 2.5 crore against 11 developers for failing to comply with the authority’s order, which were in favor of homebuyers.
Builders demanding cash are often a sign of unscrupulous dealings and should not invest their hard earnings in such dicey investments.
Real estate projects under RERA Act has gotten a difficulty as West Bengal government has articulated its own law for the part in the state.
A true picture of RERA shows that RERA is an all – embracing protector and promoter of the real estate sector including the developers and real estate agents.
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