Blogs

RERA, has taken cognizance of the multiple ways by which consumers have been cheated in the past, and provided for solutions through their regulation mechanisms.

Home buyers are vital stakeholders in building projects. Many home buyers book their property in advance which helps builders raise funds for construction and development of the project.

Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.

Centrik has tracked and been with RERA since its 1st day of implementation. During these 2 years of journey, we have resolved more than 6700 assignment relating to RERA and Insolvency laws on different issues.

MahaRERA makes it abundantly clear that cost of construction of the project shall not include marketing and brokerage expenses towards sale of apartments.

The act was introduced to curb the mal-practices and the abuses caused to the customer. The act intends to protect the interests of the consumers and regulate the real estate sector.

This is the first time that a RERA Authority has ordered the deregistration of a project on the grounds given under section 7 of the RERA Act, 2016.

The RERA Act empowers the Regulatory authority to call for information or conduct investigations. These investigations have been mainly in the form of financial audit conducted by the auditors.

Over the course of the last two years, RERA has come up and grown as an effective weapon for consumers in the real estate sector. RERA has established itself and gained the awareness necessary to protect home buyers.

Supreme Court allowed several buyers to join their suit property in order to increase valuation of their dispute and approach the NCDRC however buyers still find it difficult to get timely relief from the NCDRC.

No suit or legal proceeding against the company can be commenced or continued against the company after the passing of the winding up order except with the permission of the Tribunal.

UPRERA has deregistered a promoter/developer over financial irregularities, money laundering, double allotment of flats, diversion of funds and for many other reasons.

After observing the current situation of the corporate debtor no creditor is willing to infuse more funds as they are afraid of losing the same through the enforcement of any law or authority under law.

13000 complaints have been filed with UPRERA out of which 7000 complaints have been disposed within a span of almost 8 months.

The builders who have just simply vanished or are in jail or have eloped due to major bungling done by them, the judicial process of such projects becomes a little difficult.