Search Results for: orders passed under RERA

Delayed Possession Relief under Section 18 of RERA

A respondent has violated the provisions of section 18 of the RERA and hence the complainant is entitled to seek interest for the delayed possession under section 18 of the RERA.

A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC

Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.

Revocation of Registration under Real Estate (Regulation & Development) Act, 2016

The Competent Authorities hold the power to revocate the registration of such promoters along with the publication of the name of such promoter in the defaulter’s list.

Execution of RERA order and attachment of assets of builders

The Authority has the power to hear the grievances of the allottees regarding execution of the orders and the Authority also has the powers to pass orders:

Karnataka-RERA warned 373 projects to complete before deadline ends

Karnataka Real Estate Regulatory Authority (hereinafter referred to as K-RERA or authority) has given a deadline extension for the projects that were supposed to be completed in April or later to September 2021.

UP RERA Extend Delivery Date by Nine Months

UP RERA, considering the surge of Covid-19 and restrictions imposed on construction due to an increase in pollution, has extended the registration of the projects, by default, for which no promoter has to file an application before the Authority.

Statutory Compliance under RERA Act, 2016

The provisions were not sufficient to render punishment to the developer and the builder for misconducting and breaching the terms and conditions of the builder buyer agreement in the long run.

How long RERA takes to decide a complaint

The RERA Act has provided a very speedy and summary procedure to resolve the issues. This has provided relief to a lot of allottees and has also regularized the real estate market.

Invocation of a bank guarantee during a moratorium period imposed under the IBC is allowed

The NCLAT ruling, on the other hand, may present some difficulties for banks that have extended bank guarantees. When the IBC imposes a moratorium period, recouping funds paid under bank guarantees from a corporate debtor may be difficult.

Conundrum on concept of subordinate charge in CIRP under IBC

Introduction of Insolvency and Bankruptcy Code, 2016 has decreased the idea of Subordinate Charge as Form H and Section 53 of Insolvency and Bankruptcy Code (“IBC”) recognizes only secured creditors.

How effective is RERA?

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.

RERA- Safeguards to Homebuyers

The main purpose of the Act lies in enhancing the Transparency between buyer and builder and creating a strong adjudicating system for the disputes arising in real estate sector. An aggrieved homebuyer seeks right legal remedy after getting exploited by the builder.

Submissions of claims by homebuyers under IBC

Creditors who fails to the submit the claims with proof within 14 days can submit their claims within 90 days from the Insolvency Commencement date as per the amendment of Regulation 12(2).

UPRERA orders completion of stalled projects after joint proposal

Homebuyers may have delayed projects completed under the aegis of the AoA, under the model formulated under Section 8 of RERA. Joint proposal of ASGI Properties Pvt Ltd and ASG Apple 7 Buyers Association, authorised the developer to complete the stalled project.