Possession for fit-out basis is a term that has gained significant traction in the real estate sector, particularly in burgeoning urban areas like Noida. This concept allows property buyers to take early possession.
NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
Chandigarh consumer commission coming to the rescue of the homebuyers has been able to restore its faith among homebuyers.
Not mentioning the date of giving possession to the buyer is a clear matter of fraud and misrepresentation and as per the Maharashtra Ownership of Flats Act of 1963.
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.
MUMBAI: The Maharashtra Real Estate Regulatory Authority has for the first time expanded the scope of reasons beyond a builder’s control. The authority upheld a city builder’s claim that a 2009 project was delayed due to change of law, administrative conflicts and “incorrect classification of the plot as CRZ II’’ —reasons beyond his control. Hence, the builder … Continue reading “Builders not liable to pay for ‘justified’ delays: MahaRERA”
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 recent years, Real Estate Regulatory Authorities (RERAs) have emerged as key players in shaping the real estate sector, ensuring transparency, accountability, and protecting the rights of homebuyers. Real Estate Regulatory Authorities were established to regulate and promote the real estate sector, with the primary objective of safeguarding the interests of homebuyers and promoting fair practices within the industry.
The real estate sector was unregulated for a long time. If customers experienced delays, they had little redress. Because court disputes may take a long time, most customers were at the discretion of the builders. A proper complaint process has emerged as a result of the implementation of RERA.
RERA was implemented to acknowledge and solve discrepancies and issues of home buyers. By establishing rules for the sale of real estate and requiring developers to adhere to certain criteria, it protects the interests of homebuyers.
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.
Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
The allottees are left helpless when the developers stands either insolvent or incapable of delivering the possession even after passage of years beyond the date of delivery.
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