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.
The Builder is not mandatory but it is the sole responsibility of the builder to enable the formation of the association and the election of the association should be lawful and transparent.
The fees to be paid by the promoter/builder in case of registration of the Real Estate project with the RERA Authority which is a mandate under Section-3 of the Act.
A welcome move by the HRERA authority as it creates a balance between both the parties and is justifies for the aggrieved buyers who had to in worst case of scenario had to give up their full earnest money.
Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.