As per RERA Law the promoter shall not transfer the project to the third party without obtaining the prior written consent from two-third of the allottees and prior written approval from the concerned RERA Authority.
There are such no. of cases wherein Builder does not have OC but they are offering the possession to the Home-buyers; even knowing the fact that this is an illegal act.
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.
The high court upheld the decision of the Appellate tribunal by directing the builder to deposit the 50% of the refund amount as ordered by the authority in order to hear the plea.
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
The Gurugram RERA known as H-RERA is about issue a notification for the builder who are trying attracts the home buyers by making an offer of ‘Assured Returns’.
The on-going projects cannot come under the category of the new projects only for the purposes of not paying the penalty against the delay in registering an on-going project.
The legality of the offers of the possession by the builder in case no OC has been received by them from the concerned authority had been discussed and pronounced.
The builders started acting smart and cancelled the allotment on this pretext but never returned the money collected from the buyers.
The Real Estate Regulatory Authority in Karnataka has come under fire from the aggrieved home buyers who have been left at the mercy of the builders. The Real Estate Regulation and Development act, 2016 under Section- 84 empowers the state to make rules in furtherance of the Act in order to implement the provisions of … Continue reading “Homebuyers left in lurch in Karnataka”
Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.
Jaypee Group has said that there is no wrong doing on the unencumbered land of the group in favor of mother company Jaiprakash Associates (JAL).
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