Pandemic fueled delay in possession hit homebuyers hard
Homebuyers were promised possession years ago but till date thousands of them are still waiting to get the possession and have faith in the system to get justice.
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Home Buyers can approach NCLT in case of extraordinary delay in possession or refund
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.
“Possession can’t be delayed again and again for homebuyers” NCDRC
The possession of flats booked by homebuyers can’t be delayed. The apex consumer commission has said as it asked a private builder to refund the amount paid by its customers. The National Consumer Disputes Redressal Commission (NCDRC) pointed that possession was not given to homebuyers even after 5 years and asked New Delhi-based Adel Landmarks Limited … Continue reading ““Possession can’t be delayed again and again for homebuyers” NCDRC”
How to take maximum benefit from RERA as a Homebuyer and as a builder?
RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.
Is your house stuck in a stalled real estate project? How did homebuyers take on builders to get their houses?
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.
SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Should resolution professionals admit time-barred claims of homebuyers?
the Resolution Professional could have included their claims as liabilities to the Corporate Debtor in the Information Memorandum created in accordance with Regulation 36 of the Corporate Insolvency Resolution Process (CIRP) Regulations.
Right of homebuyer seeking refund and compensation for a delayed project
Section 18 (1) gives two kinds of rights to the homebuyers i.e. right to get a Refund along with Interest and the Right to get Compensation.
Why are Homebuyers choosing NCLT over RERA?
Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.
Limitation is continuous in cases of Homebuyers
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.
Position of home buyers in the case of Insolvency
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.
Allottees/Buyers must form group or association to counter the violations committed by the builders
All allottees approaching before these forums secure reliefs for them but the execution force is a bit low therefore they feel remediless even after winning a long legal battle. A better option which has come forward is where allottees come forward to form a group and then approach these forums.
Karnataka High Court orders for interim stay on the recovery of EMI from Homebuyers
The Karnataka High Court on 16.11.2021, allowed a deferment of all loan repayments, and directed the bank not to recovery the home loan and refrain from take any coercive action.
Builders forcing to take possession without Occupancy Certificate
A customer should remember of taking each document from the builder. The occupancy certificate should be taken before creating the ultimate possession payment to the builder to avoid any downside in future.
Subvention Scheme: A Crisis for Homebuyers
A subvention scheme may end up to be a double-barreled if the developer fails to deliver the project on time, the burden of both rent and EMI will must be borne by the homebuyer.
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