The Apex court of the country has denied to put stay on the NCDRC’s order allowing the homebuyers of JayPee Infratech Ltd. to move against the parent company Jai Prakash and Associates for compensation and possession of their respective flats.
The officials feel that there is a need of having a few more powers which will enable the RERA Authority to issue certain directions.
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
RERA now has become the most preferred authority where the aggrieved home-buyers can reply upon for the redressal of their grievances.
As per the RERA laws, no civil court has the jurisdiction to entertain any suit or proceedings which is empowered to be entertained RERA Authority only.
RERA Authorities are functional in almost all states. The authorities though being on nascent stage are trying their best to deliver justice to all the aggrieved homebuyers.
RERA has been made as the singular authority to deal with the grievances arising out of the real estate sector but there still exists a question. a brief article on NCDRC or RERA.
A detailed article on NCLT and DRT and the difference between them and how can corporate bodies approach NCLT against their borrowers/debtors.
RERA Act, 2016 has come into the picture and the motive behind this enactment is to address the grievances of home-buyers. Let’s discuss the impact of RERA in Punjab
In recent time, we have heard a lot about real estate frauds and irregularities in Noida, UP. Some of the builders has applied for insolvency.
Issues with an insurance company with respect to the policy or service offered can be resolved by making a complaint to the Grievance Redressal Officer of the branch.
The parliament in order to regulate this one of the fastest-growing sectors passed “The Real Estate (Regulation and Development) Act, 20164 which came into effect on 1st May 2016.
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.
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.
Different forums provide for different reliefs and one must be cautious enough before choosing an appropriate forum. Before choosing the appropriate forum, points to be analyzed are type of violation by the builder, what relief is prayed for, urgency, repetitive nature, financial condition of the builder, status of other projects, etc.
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