The Ministry of Housing and Urban Affairs published a progress report of RERA cases on May, 1 2021 which accounts to 75% of the total disposed cases in the region of Uttar Pradesh, Maharashtra and Haryana.
Legal experts say that aggrieved home buyers file a case in RERA first and then approach the RERA Appellate Tribunal and then the high court and then ultimately the Supreme Court if their dispute is not solved.
Real Estate Regulatory Authority Act, 2016 (hereinafter referred to as “RERA Act”) basically aims to bring efficiency and transparency to the real estate industry, and one of the main priority to protect the interest of the buyers in the real estate sector.
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Homebuyers could only engage in the IBC procedure as a class of financial creditor. Individual homebuyer rights were absorbed by homebuyer rights as a class.
If a homebuyer failed to file his/her case then will his/her case will not be taken and his grievances won’t be solved? The answer to this question is “NO”! The reason here is that the limitation period in the case of a homebuyer is continuous in view of the non-handing over of the possession of the unit.
The Appellate Tribunal recorded its dissatisfaction to the effect that the appellant has not complied with provisions of Section 43(5) of the Act, 2016 and has not deposited the balance amount.
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
In India after farming, the second biggest financial area is of land and building up of RERA Act, 2017 is a major advance towards a more organized method of managing the housing market in India.
The RERA Authority has the power to decide and dispose of the complaints as RERA is the best and most expeditious remedy for homebuyers to get justice from the builder when they violate the subvention scheme and delays the possession.
Different forums provide for different reliefs and one must be cautious enough before choosing an appropriate forum. Before choosing the appropriate forum, points to be analyzed are type of violation by the builder, what relief is prayed for, urgency, repetitive nature, financial condition of the builder, status of other projects, etc.
The Supreme Court clarified the code’s object while keeping legislative intent in mind. The court, through this judgement, has struck a balance between creditors’ rights and debtor companies’ remedies.
The Supreme Court of India has cleared the way for lenders to file insolvency proceedings against personal guarantors of stressed companies, who are typically promoters.
The main purpose of RERA was to enhance builder buyer transparency along with creating a strong adjudicating mechanism to resolve all the disputes in concern with the real estate sector.
If any individual has any outstanding claims against an organization and the said organization has been exposed to CIRP, the primary thing that must be finished by such bank immediately is to document his/her cases before any IRP/RP.
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