Builders are demanding cash despite RERA and Demonetization
Builders demanding cash are often a sign of unscrupulous dealings and should not invest their hard earnings in such dicey investments.
Builders demanding cash are often a sign of unscrupulous dealings and should not invest their hard earnings in such dicey investments.
Complaint was filed by Greenopolis Welfare association against the promoters, M/s Orris Infrastructure Private Limited and M/s Three C Shelters Pvt. Ltd. for not giving possession by the due date.
MahaRERA has been a model for other states. Recently, its proved again when suo motu action was taken for the first time against large group of promoters.
The HRERA once more in a distinctive and groundbreaking feat attached the properties of the Developer to secure funds to ensure the completion of the Greenopolis Project.
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.
If the project isn’t RERA Registered you can approach the concerned RERA Authority for initiating a complaint against the concerned developer for non-registration.
Rajasthan RERA get into action at full swing as the appointment of the chairman, other officials and retired judges in the Appellate Tribunal is already done in May.
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.
The developer was directed by the RERA Authority to return the money of the few-flat buyers. However, the order was challenged but the builder was unable to deposit the amount required.
Under Section 40 (1) of the RERA Act 2016, the authority can issue recovery warrants against developer who failed to comply with its order to refund home buyers.
It’s been around 2 years of implementation of the RERA Act, various developers have failed to get their projects to register with their respective RERA Authorities.
MAHARERA keeping up with the spirit of the Act recently has passed an order asking the builder to pay a sum of Rs.1.5 Lakh as penalty to the RERA authority for not registering the sale agreement.
An RC was issued for recovering 3.04 crores, based on the same a 15 days’ notice was issued to clear the dues post which due to non-compliance builders were arrested.
The Hon’ble bench Division Bench of Justice Mahesh Grover and Justice Lalit Batra after hearing the arguments on behalf of the petitioners have issued notice to Union of India.
The question arises whether after granting the registration the authority can cancel or revoke it if the promoters are not complying with the requirements of the Act or the Rules?