Real estate (regulation & development) act, 2016 (RERA) came as a sigh of relief for the homebuyers (Financial creditors), providing them with adequate relief unlike available conventional remedies under civil and consumer laws
Don’t keep sleeping on your rights as homebuyers because the newly implemented RERA is here to empower you and before time runs out to go grab your rights.
It is clear that in case any developer wishes to do any sort of development the same has to be governed by the provisions of the RERA Act .
Possessing a property in India is one of the extreme achievements and is one of the most profitable investments in India. All this lead to a great boom in the real estate sector which was devoid of any fixed legal regime and was majorly covered by the Consumer Protection Act.
This article is all about the insolvency process which has been initiated which may include filing of claims, acceptance of claims, making of the committee of creditors and resolution plan
The article speaks about the legal remedy or solution as to how an order passed by RERA or consumer court or others fixing any debts and liability can be executed or honored.
This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.
The quality certificate as under Form 2A and by this the entire process will become transparent and everyone will be assured of the quality of the projects.
The UP-RERA Authority has ordered to revoke the registration of these existing developers whose projects have been standing-out for more than one year.
judgments passed by the High Court, the Supreme Court and even the authorities under RERA/ CPA and IBC, it seems the home buyers have multiple forums to their rescue and it depends on them as to under what procure and act or code they wish to proceed.