Outbreak of Covid-19 Trapped the Real Estate Sector
The outbreak of COVID-19 has adversely affected the real estate sector. This current situation gave massive disappointment and distress to the homebuyers
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Power of RERA to extend completion date in case of Builder
The Authority can grant extension in non-Force Majeure condition also by recording its reasons in writing and the same cannot be done for more than one year.
PROJECT REGISTRATION UNDER RERA
Prior to the RERA Act coming into force, the real estate sector in India was mostly unregulated, with no standardization of business operations or transactions. Due to a lack of a legal framework, home buyers/allottees were often confronted with issues such as project delays, price increases, and poor building quality.
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.
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.
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.
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.
How to claim interest on Delayed Project
RERA Act grants the remedy to the homebuyers where they can file a complaint under section 31 of RERA Act and can claim interest for delay in possession by the developers. Homebuyers must seek legal assistance without delaying.
UP-RERA splendid performance in last four years
Kind of strong initiative by the authority gave a ray of hope to homebuyers as their rights are more protected now than ever. The authority is taking every possible step to avoid the violation of the provisions of the RERA Act and to protect the interest of the homebuyers.
Legal solutions when real estate project is stuck
Since the real estate projects are the turkey projects and take multiple years to get it completed, a normal delay can be accepted. Any delay of more than 1 year from promised date of possession is regarded as ‘extra-ordinary delay’.
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.
UP-RERA TO CONDUCT ONLINE LOK ADALAT TO SETTLE THE DISPUTES OF THE HOMEBUYERS
Lok Adalat will be held online and complaints filed before the UP-RERA under Section 31 of the RERA Act in which amicable settlement is possible or a party has filed an application for settlement will be heard.
Rajasthan RERA issues notices to developers for delay in projects
RajRERA Authority issued more than 300 notices to the developers in light of the delay in project completion and is all set to issue more notices to the concerned new developers.
RERA Imposes Rs 2.5 Crs penalty on developers for failure to comply the RERA orders
UPRERA Authority has imposed penalty of Rs 2.5 crore against 11 developers for failing to comply with the authority’s order, which were in favor of homebuyers.
HARERA Fixes 1% Brokerage on Sale/Purchase in Real Estate Sector
A decision by the authority is a fundamental step towards constraining the real estate agents from exploiting extra money from buyers and sellers. The brokerage being fixed will turn down the chances of overcharging ultimately protecting the interest of homebuyers.
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