RERA seems to be on its way to becoming a reality, with most states notifying rules under RERA, and over half of them establishing a permanent authority.
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
The all the steps taken by the UPRERA Authority is now finally giving some lucrative results and the long wait of the home-buyers might come to an end.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.
The Maha-RERA has dismissed the complaints filed by the homebuyer multiple times with respect same issue shall be dismissed.
UPRERA Authority shorlisted 10 housing project in Noida and Greater Noida, which may be deregistered within this month for the reasons of delays and non-compliance of the orders passed by the Authority.
Central government is looking forward to bring a (removal of dificulties) order under section 91 of Real Estate and Regulation Act 2016.
In many complaints, the builder contends that “Interest” is in the nature of compensation and it has to be decided by the Adjudicating officer and RERA Authority does not have any jurisdiction related to the decision of granting interest.