RERA Authority of Gurgaon has given the way out in the matter and finally, the home-buyers of the project can expect some results on the ground.

The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.

Homebuyers to file the claim under IBC rather than adopting a way which is not legally realistic wherein the insolvency orders are passed against the builder’s company.

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

The question arises whether after granting the registration the authority can cancel or revoke it if the promoters are not complying with the requirements of the Act or the Rules?

Goa has written to the MahaRERA Authority with the proposal to its appellate tribunal to hear appeal cases on behalf of Goa RERA.

Issues arise that if the project is a new project then it is mandatory for the promoter to get it registered before marketing the same. But what if the project is an ongoing project?

Not only domestic but also NRI took breath of peace for the first time since first time Judiciary Came to rescue for their interest and safety for the money they invest.

The Jammu and Kashmir government has decided to set up the Real Estate Regulatory Authority in Jammu and Kashmir to promote regulated and planned growth of the real estate sector.

The UPRERA authority planning to cancel the RERA registration or take over the projects if the concerned builders don’t come around finishing the projects.

MahaRERA had setup a Conciliation Forum for aggrieved homebuyers who can approach the forum to get their grievances solved, before lodging complaints with the MahaRERA.

Real estate across the country is already witnessing signs of revival. In the last couple of quarters in this financial year, sales have witnessed more than 20% improvement over last year.

There are many uncompleted projects which are still lying abandoned or molding into structures at a very slow pace.

RERA Act, 2016 and further with more positive reforms a new face of real estate sector free from all encumbrances will evolve.

UP-RERA authority has issued show cause notices to 12 builders who have allegedly diverted funds worth 3000Cr to 4000Cr and have delayed completion of housing projects.