Search Results for: rights of the homebuyers

Execution of RERA Orders

The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.

Navigating the Evolving Landscape of RERA Laws: A Present Perspective

In recent years, Real Estate Regulatory Authorities (RERAs) have emerged as key players in shaping the real estate sector, ensuring transparency, accountability, and protecting the rights of homebuyers. Real Estate Regulatory Authorities were established to regulate and promote the real estate sector, with the primary objective of safeguarding the interests of homebuyers and promoting fair practices within the industry.

Real Solution for Real Estate Insolvencies

The major challenges in the insolvency resolution of real estate companies arise from the peculiarities of this sector, especially since the divergent interests of the allottees of the real estate projects do not align with the scheme of the CIRP.

The best time to file a case under RERA is NOW

RERA was implemented to acknowledge and solve discrepancies and issues of home buyers. By establishing rules for the sale of real estate and requiring developers to adhere to certain criteria, it protects the interests of homebuyers.

An alien concept to the IBC regime is reverse CIRP

Despite the fact that such relief should not have existed, the NCLAT instead attempted an “experiment” to adopt the strange idea of Reverse CIRP, which has no precedent in the Code.

Right of homebuyer seeking refund and compensation for a delayed project

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.

6 Steps of Corporate Insolvency Process

CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.

Whether Agreements/Contracts by Banks are consistent with Articles 14, 19 and 21 of the Constitution!

In Banking Industry, the Borrower is not in a position to negotiate the Terms of the Loan Agreement, especially in cases of Home Loans, hence there is inequality of Bargaining power among Home Buyers.

Whether CIRP against Corporate Guarantor be initiated in respect of loan account of the principal borrower

Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.

Voluntary Consumer Association

Once a voluntary consumer association is registered in the Societies Registration Act, it will be deemed to be a recognized consumer association unless it is a voluntary association of the consumers.

WORKING REPORT OF RERA AFTER ITS ENACTMENT

In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.

Application Filing by the Home Buyers/Allottees under IBC, 2016

the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.