Search Results for: protection of interest of homebuyers

Banks cannot auction defaulting projects without allottees’ consent- HARERA

HARERA has barred the auction of a loan-defaulting project by bank to recover damages without prior adjustment of allottees’ dues.

Navigating the Evolving Landscape of RERA Laws: A Present Perspective

In recent years, Real Estate Regulatory Authorities (RERAs) have emerged as key players in shaping the real estate sector, ensuring transparency, accountability, and protecting the rights of homebuyers. Real Estate Regulatory Authorities were established to regulate and promote the real estate sector, with the primary objective of safeguarding the interests of homebuyers and promoting fair practices within the industry.

Unveiling The Dark Side of Subvention Scheme

Subvention schemes, brings to light incidents of harassment, and analyses how fraud continues to exist in the market despite regulatory interventions such as the NHB decision to end subvention schemes.

Section 8 of RERA: Obligation of Authority consequent upon the lapse of or on the revocation of registration.

Section 8 of the RERA is an essential clause that guarantees the protection of homebuyers’ interests in the event that the registration of a real estate project is canceled or expires.

FUTURE OF MEDIATION IN INSOLVENCY PROCEEDINGS

Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.

NEW CHALLENGES IN THE IBC WATERFALL MECHANISM

A key element that differentiates the IBC from previous legislation governing corporate insolvency is the distribution waterfall in the event of liquidation.

Centre Proposes to Submit Model Builder-Buyer Agreement with mandatory RERA clauses before Supreme Court

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.

Right of homebuyer seeking refund and compensation for a delayed project

Section 18 (1) gives two kinds of rights to the homebuyers i.e. right to get a Refund along with Interest and the Right to get Compensation.

Consumer court have the power to direct refund and compensation in case of delayed delivery of the apartment

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.

Position of home buyers in the case of Insolvency

The allottees are left helpless when the developers stands either insolvent or incapable of delivering the possession even after passage of years beyond the date of delivery.

Supreme court directed central government to frame model builder-buyer agreement

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.

Allotees are Financial Creditors : Supreme Court

Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.

Is it possible to file a case in both the RERA and the Consumer Court at the same time?

An aggrieved individual has two options: either go to the RERA Tribunal or go to the Consumer Forum & it’s not possible to file a complaint with both the RERA Tribunal and the NCDRC at the same time.