As the majority of the builders have not delivered the possession of the property as promised made by them and breached the terms and conditions on the agreement executed with the homebuyers.
Not mentioning the date of giving possession to the buyer is a clear matter of fraud and misrepresentation and as per the Maharashtra Ownership of Flats Act of 1963.
In the year of 2016, a new set of laws as RERA Act have been implemented, specifically to protect the homebuyer and ensure the growth of real estate sector.
The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
There have been few instances where the project is stalled and the association of the allottees have been handed over the project to complete the remaining construction of the project.
If there is any breach in the terms and conditions of the builder-buyer agreement or delay in possession of the property then a home-buyer can directly approach to the RERA Authority to avail the legal recourse.
RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.
An application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
The RERA authority of Maharashtra ordered a builder to refund an amount of Rs. 1.8 Crore to a homebuyer because after the passage of two years the builder failed to register agreement to sale and had already charged 30% of the price.
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.
The RERA authorities of the Various State are not granting refund looking into the wider interest of the Real Estate Sector.
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
Not only domestic but also NRI took breath of peace for the first time since first time Judiciary Came to rescue for their interest and safety for the money they invest.
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