Centrik has tracked and been with RERA since its 1st day of implementation. During these 2 years of journey, we have resolved more than 6700 assignment relating to RERA and Insolvency laws on different issues.
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.
The Apex court of the country has denied to put stay on the NCDRC’s order allowing the homebuyers of JayPee Infratech Ltd. to move against the parent company Jai Prakash and Associates for compensation and possession of their respective flats.
The Hon’ble National Company Law Tribunal (NCLT) has admitted the Insolvency Petition against the EMAAR MGF Land Ltd. filed by one of the homebuyers i.e. Mr. Neeraj Gupta.
In many of the instances, the RERA Authorities receives the complaint of the projects which were handed over long ago before the RERA.
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 authorities of most of the states have passed numerous orders but none of them have been executed in reality. The orders remain on paper and developer/ promoters have not complied the order.
The high court upheld the decision of the Appellate tribunal by directing the builder to deposit the 50% of the refund amount as ordered by the authority in order to hear the plea.
While dismissing the complaint the authority observed that both the Section i.e. 12 and 18 operate at two separate times of the transaction.
An RC was issued for recovering 3.04 crores, based on the same a 15 days’ notice was issued to clear the dues post which due to non-compliance builders were arrested.
The RERA Authorities of the various States have passed some landmark Judgments as RERA law provides them sufficient powers for the smooth functioning of their duties and role.
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 RERA authorities of the Various State are not granting refund looking into the wider interest of the Real Estate Sector.
In many complaints, the builder contends that “Interest” is in the nature of compensation and it has to be decided by the Adjudicating officer and RERA Authority does not have any jurisdiction related to the decision of granting interest.
The home-buyers should be aware of all the rights and duties they have so that they can secure their property investment.
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