We often talk about the rapid growth of the real estate sector in India but forget to talk about the legal documents that play a very crucial role in the aforesaid sector. And builder buyer agreement is one of the most important documents for homebuyers.
A comprehensive article with analysis as how to handle the demand letters issued by the builders, from time to time to get the money from builders.
The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
Due to the outbreak of Second wave of Coronavirus, Assocham has requested the finance ministry to re-impose a moratorium on bringing debt-ridden firms to NCLT under the Insolvency and Bankruptcy Code (IBC) until December 2021.
The Committee of Creditors (CoC) has complete wisdom and right to decide the fate of the company under CIRP. Lets understand all about Committee of Creditors under Insolvency Laws
Hon’ble Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.
Disputes between builders and homebuyers in the Maharashtra that went to mediation were successfully settled, preventing time-consuming litigation in RERA Authority.
Homebuyers were promised possession years ago but till date thousands of them are still waiting to get the possession and have faith in the system to get justice.
More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
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.
Hundreds of homebuyers in Karnataka have been left in the lurch as they still haven’t received compensation from the developers. The Karnataka RERA has already passed orders against these errant developers and penalized them for not delivering possession
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 homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
Homebuyers to file the claim under IBC rather than adopting a way which is not legally realistic wherein the insolvency orders are passed against the builder’s company.
The Real Estate Regulatory Authority in Karnataka has come under fire from the aggrieved home buyers who have been left at the mercy of the builders. The Real Estate Regulation and Development act, 2016 under Section- 84 empowers the state to make rules in furtherance of the Act in order to implement the provisions of … Continue reading “Homebuyers left in lurch in Karnataka”
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