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.
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Reverse CIRP and its Modus Operandi- An Extraneous concept to IBC Regime
The constitution of COC for one project instead of all is against the regular practice of CIRP. In the past two years, the NCLAT has passed similar orders in various cases and called them Reverse CIRP.
Pre-Deposit is Mandatory for Filing Appeal U/Sec 43(5) RERA
The Appellate Tribunal recorded its dissatisfaction to the effect that the appellant has not complied with provisions of Section 43(5) of the Act, 2016 and has not deposited the balance amount.
A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC
Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.
Voluntary Consumer Association
Once a voluntary consumer association is registered in the Societies Registration Act, it will be deemed to be a recognized consumer association unless it is a voluntary association of the consumers.
WORKING REPORT OF RERA AFTER ITS ENACTMENT
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
Single member bench can hear and decide the complaint: Rajasthan HC
The allottees long waiting for justice will now be able to secure the relief with the speedy process of hearing by single member benches.
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.
Unreasonable maintenance charges charged by builder
Real Estate sector has grown beyond expectations in recent times, it has also brought various duties and responsibilities for all the people involved. One of such responsibility lies on the shoulder of the promoter or the developer.
Completion Certificate, Occupation Certificate and Possession Issues
A common practice among the Builders/Developers to issue Possession Letter without obtaining the Occupation Certificate to pressurize the allottees to pay complete sale price without any chance of getting the possession or execution of sale deed.
Remedies for misappropriation of Interest Free Maintenance Security Charges
IFMS is an additional amount given by the buyers to the developer/builder till the time resident’s welfare association (RWA) is formed. The purpose of forming RWA is maintenance purpose, security purpose and projects for developments.
Revocation of Registration under Real Estate (Regulation & Development) Act, 2016
The Competent Authorities hold the power to revocate the registration of such promoters along with the publication of the name of such promoter in the defaulter’s list.
Execution of RERA order and attachment of assets of builders
The Authority has the power to hear the grievances of the allottees regarding execution of the orders and the Authority also has the powers to pass orders:
Recovery Certificate issued by RERA are legally valid
The Complainant allottees are entitled to get the Recovery Certificate executed by the District Collector as arrears of land revenue under the Revenue Code and to receive the said amount after the execution and recovery.
Offences and Penalties under RERA
The RERA Act is the best reform happened for the homebuyers. If in any situation a dispute arises, the offences, procedure and penalty is being clearly stated.
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