Search Results for: penalty under the RERA Act

Why Real Estate Agent Require RERA Registration? A comprehensive RERA FAQs

Covering those issues regarding RERA registration of Real Estate, we have prepared some FAQs which would clear the major of doubts.

IS COVID-19 FORCE MAJEURE?

Covid-19 being a natural calamity and not having been caused due to actions of any party under a legal contract/agreement shall be treated as Force Majeure for a specific period of time or till the prevalence of lockdown, as and when the same shall be imposed by the Government.

Remedies for misappropriation of Interest Free Maintenance Security Charges

IFMS is an additional amount given by the buyers to the developer/builder till the time resident’s welfare association (RWA) is formed. The purpose of forming RWA is maintenance purpose, security purpose and projects for developments.

Summary suit for Recovery of Money

summary suits are straightforward and ease to go for the plaintiff and stiffer for the defendant to defend as comparative to ordinary suits.

How to claim interest on Delayed Project

RERA Act grants the remedy to the homebuyers where they can file a complaint under section 31 of RERA Act and can claim interest for delay in possession by the developers. Homebuyers must seek legal assistance without delaying.

Abuse of dominant position by banks in Real Estate Projects

It is just a matter of time that the detailed information with thorough research about the specific loan market and details of methods used by the Banks to exploit the allottees and regarding abuse or malpractices of the Banks to be reported to the commission.

Remedies to allottees when the land is disputed

After the registration of the project if any defect comes into light which creates any problem in completion of the project, RERA Act provides remedy for the same.

Recovery can be permitted against the assets of group companies: Bombay High Court

If the non-payment of a clear undisputed amount is being illegally and dishonestly avoided, whilst at the same time very large sums of money are being raised and spent by the same group or carrying on large real estate development projects.

Role of Bank/Financial Institutions in Real Estate Sector

The developer requires huge investments for the development of the project for which he approaches banks for financial help and a buyer approach bank to fulfilling his dream to own a house. This is how builder, buyer and the bank get connected in real estate business.

Fake Advertisements to lure homebuyers

A simple deal will never have special promises which can’t be fulfilled. It’s a usual tendency for a common man to get lured by special offers but you have to keep in mind that no one is spending a penny from their pockets for doing something extra for you.

Arbitrary Builder-Buyer Agreements

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.

Pandemic fueled delay in possession hit homebuyers hard

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.

If Development Work is Pending, It would be ongoing projects: Allahabad High Court

Every project where the development work is still not completed at the time of the commencement of the RERA Act, will be considered as an ongoing project whether or not the application for completion certificate is filed before a competent authority.