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.
One of the burning issues since the implementation of the RERA act is, the overriding effect of the RERA Act over the builder-buyer agreement.
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.
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
The officials feel that there is a need of having a few more powers which will enable the RERA Authority to issue certain directions.
The purpose of Banning of Unregulated Deposit Schemes Ordinance is to totally ban all forms of the Unregulated Deposits. This may be intended to protect investors from dubious outfits selling Ponzi and pyramid schemes.