The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
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.
The Hon’ble Supreme Court’s decision is a watershed moment for homebuyers and allottees. A number of findings in the current judgment support this conclusion, including parallel remedies under RERA and the Consumer Protection Act.
The Haryana Real Estate Regulatory Authority has issued notice to Empire Realtech Pvt Ltd along and an associated company, CHD Developers for completion of ongoing projects or face cancellation of registration. The HARERA has decided to debar builders from acquiring fresh licenses whose previous projects have been delayed. Also, the authority will blacklist such builders and a list of 50 builders in Gurugram has already been prepared.
The IBC recognizes homebuyers under financial creditors to protect their rights even when a creditor, other than a homebuyer, invokes insolvency proceedings against the builder.
The Finance Minister disclosed that the stimulus package is a 15 step measure, the Tranche 2 announcement on 13th May 2020 disclosed 9 steps so far and that further steps to actualize the goals of AatmaNirbhar Bharat
The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
MahaRERA directs the respondent to refund the amount paid by the complainants to the respondent along with interest under Section-18 of the RERA.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
As compared to RERA in other states Karnataka RERA has been disappointing since the day it got enacted. Builders and homebuyers both remained unhappy for many reasons.
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.
The manner of recovery of interest, penalty and compensation and the same is to be carried out in the manner provided in Karnataka Land Revenue Act 1967 and the rules made there under.
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.
The home buyers have multiple forums to their rescue and it depends on them as to under what procures and act or code they wish to proceed.
The Haryana government amends the Haryana Rera rules in order to bring the power of refund within the purview of Rera authority established at Panchkula and Gurgaon
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