The RERA Authority has asked the banks to issue necessary directions to all the officials of the Banks to strictly comply with the provisions.
In many of the instances, the RERA Authorities receives the complaint of the projects which were handed over long ago before the RERA.
The UPRERA Authority has issued the show case notice to one of the renowned builder over the diversion of funds.
The developer was directed by the RERA Authority to return the money of the few-flat buyers. However, the order was challenged but the builder was unable to deposit the amount required.
There have been few instances where the project is stalled and the association of the allottees have been handed over the project to complete the remaining construction of the project.
If there is any breach in the terms and conditions of the builder-buyer agreement or delay in possession of the property then a home-buyer can directly approach to the RERA Authority to avail the legal recourse.
As per RERA Law the promoter shall not transfer the project to the third party without obtaining the prior written consent from two-third of the allottees and prior written approval from the concerned RERA Authority.
There are such no. of cases wherein Builder does not have OC but they are offering the possession to the Home-buyers; even knowing the fact that this is an illegal act.
What if the project is stalled and builders do not have sufficient funds to complete the project. In such cases question arises that does RERA authorities have the power to take over the project?
The officials of the UPRERA Authority have decided not to encourage refund if the project is not stalled and have the potential of getting finished and delivered.