The homebuyers who were to get their homes anytime soon have to now at least wait for another period of 6 months or maybe 9 after the extension of real estate projects’ completion date.
Continuous demands of the project developers for extension of RERA registration have posed a major question of marginalizing the interest of the Homebuyers.
The Hon’ble Adjudicating Officer took no time and in the short period of a span, gave relief to several homebuyers by granting not only refund but also compensation.
Due to COVID-19 the most affected have been the real estate industry as both the demand as well as the supply side has been adversely affected.
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
In the case of Ashok Tripathi and Anr Vs. Ansal Properties and Infrastructure Ltd. that a decree-holder/homebuyer having refund order from RERA or other courts shall not be deemed as a homebuyer but a financial creditor.
Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
The promoter is under obligation to pay interest on the amount paid by allottee from the date of payment till the possession is handed over to allottee.
Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.
Central Govt. passed an ordinance by which they brought in a cap on number of homebuyers approaching the NCLT under Section-7 of the IBC code, 2016.
The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.
This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.
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