Supreme Court allowed several buyers to join their suit property in order to increase valuation of their dispute and approach the NCDRC however buyers still find it difficult to get timely relief from the NCDRC.
Maha-RERA issued a revenue recovery warrant and sent it to the Thane collector. And was forward to the Tehsildar of the area for property sealing and auctioning to recover the money.
The huge number of complaints are coming across, wherein the money of the innocent home buyers is stuck with the abandoned or stalled projects.
RERA act was implemented with the purpose of redressing the grievance of the aggrieved home-buyers and it seems like it is serving the purpose very well.
RERA does not speaks about the alteration of the terms and condition of the agreement to sale but if there is any contradiction, it is understood that law will prevail.
RERA Act, 2016 was implemented last year on May 01,2017 and now it is going to complete a year and if we look at the developments since its genesis then we can infer that everything seems to be appropriately in line.
RERA Act has given legal remedies for the aggrieved home-buyers and also chained the malicious acts of the Developers.
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’.
Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
“No payment of property tax by the Builder”, this act is frequently occurring in the market because buyers are not aware of who is liable for the Payment?
This article is about just to shed some light on the issue to understand this predicament of Delay in possession of the flats.
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.
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
Insolvency and Bankruptcy Board of India (IBBI) mentioned the assignment of not readily realisable assets (NRRA) in the discussion paper on Corporate Liquidation Process dated 26 August 2020.
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.
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