More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.
Conciliation forum is one such mechanism to resolve the issues adeptly. But there are several cases in which a conciliation agreement has not been honored by the builders.
The homebuyers who have got RERA refund orders and if builder has defaulted in making the payment, you can file case before NCLT under IBC laws
In the case of Ashok Tripathi and Anr Vs. Ansal Properties and Infrastructure Ltd. that a decree-holder/homebuyer having refund order from RERA or other courts shall not be deemed as a homebuyer but a financial creditor.
The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
The recovery rate has increased almost three times i.e. from 26.5% in 2018 to 71.6% in 2019 and the time taken for recovery improved from 4.3 years to 1.6 years within a short span of one year.
1st of kind order from Hon’ble RERA, which is unique and real justice in real estate history. In the said case, the uncompleted project was handed over to the association to construct it through the pooling of money
The Haryana government amends the Haryana Rera rules in order to bring the power of refund within the purview of Rera authority established at Panchkula and Gurgaon
In UP RERA, a separate department has now been made to look into the matters where the execution of the order has not been done.
The high court upheld the decision of the Appellate tribunal by directing the builder to deposit the 50% of the refund amount as ordered by the authority in order to hear the plea.
The Gujarat RERA has come up with some latest amendment introducing new procedure for complaint filing and redressal. It introduced necessary changes through regulations and amendments.
MahaRERA: Maharashtra is the only state to set up a Conciliation Forum as an alternative platform for home buyers and developers to resolve disputes outside the Court.
A true picture of RERA shows that RERA is an all – embracing protector and promoter of the real estate sector including the developers and real estate agents.
Since the Haryana government appointed two IAS officers as chairpersons of twin RERA benches, they are yet to accept charge because of pending “technicalities”, keeping the much-anticipated authorities from becoming completely functional.
the time has come in our economy where the redressal on aggrieved buyers can be resolved at the earliest as RERA, 2016
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