NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
To, start with the most common problem that as homebuyers you might have is delayed possession or no construction in the project.
As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.
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.
The RERA Act empowers the Regulatory authority to call for information or conduct investigations. These investigations have been mainly in the form of financial audit conducted by the auditors.
Insolvency and bankruptcy Law 2016, has categorised the home buyers debt as financial debt to the real estate company/builder and therefore, homebuyers can claim their dues as bank claims its debt.
Under Section 40 (1) of the RERA Act 2016, the authority can issue recovery warrants against developer who failed to comply with its order to refund home buyers.
The delay in projects got converted from months to years shattering the dream of owning a home of many homebuyers. A detailed article on how to get refund from the builders under RERA.
Delayed possessions or no possessions at all and even in cases where apartments were given the amenities promised were lacking or not at all present in the developed projects.