Big relief for the homebuyers of M/S Bombay Dyeing and Manufacturing Co Ltd. the MAHARERA Tribunal has ruled in the favour of the homebuyers asking the developer to refund the paid amount.

The time period of paying the money lapsed, few more months also went by chasing the builder to pay the money as per RERA order but all this begged no results and Homebuyers are forced to knock on the doors of RERA Authority again.

Ministry of Housing and Urban Development issues notification asking RERA Authorities across India to grant extension to Real Estate Projects for a period of 6 months and maximum to a period of 9 months.

The UPRERA allowed the homebuyer’s association of a project to take charge of the completion of four stuck projects. Discussions are still going on with the original builder Jaypee Associates to come on board as contractor.

Such one-sided notification by MahaRERA is a big black mark on the rights of the homebuyers. The notification provided all sorts of protection to developers/builders in terms of payment of interest and delivery of units but it nowhere caters to the difficulties faced by the homebuyers.

The homebuyers who were to get their homes anytime soon have to now at least wait for another period of 6 months or maybe 9 after the extension of real estate projects’ completion date.

The Finance Minister disclosed that the stimulus package is a 15 step measure, the Tranche 2 announcement on 13th May 2020 disclosed 9 steps so far and that further steps to actualize the goals of AatmaNirbhar Bharat

The real estate industry, contributing 7 percent to the GDP and employing 15% of the labor force, has come to a complete standstill. Recently, MahaRERA has decided to hear urgent cases.

The survey certainly provides an insight into the moods of the investors. However, for the government to ensure that the real-estate sector in India gets its fair share of investment amid this pandemic.

Most residents are living in individual societies, which are not embraced with shopping complexes and health care facilities.

Continuous demands of the project developers for extension of RERA registration have posed a major question of marginalizing the interest of the Homebuyers.

Builders requested that Refund and penal orders to be set aside or be reviewed due to the COVID-19 outbreak financial markets are seeing an all-time low.

GujRERA authority has extended benefit to more than 80% of the ongoing projects across the state which are likely to be completed in the next four years. 

Some of the Members of the MahaRERA Bar Association and MahaREAT have voiced criticism as the move is likely to inconvenience litigants and professionals practicing in RERA Cases.

Under this forum, the aim is for the home buyers, builders or real estate agents to get their grievances amicably resolved before filing a complaint with the RERA authority.