We often talk about the rapid growth of the real estate sector in India but forget to talk about the legal documents that play a very crucial role in the aforesaid sector. And builder buyer agreement is one of the most important documents for homebuyers.
A comprehensive article with analysis as how to handle the demand letters issued by the builders, from time to time to get the money from builders.
The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
UP-RERA has expressed contentions to issue a show-cause notice to Supertech Realtors under Section 5 (1) of the RERA Act, 2016 to describe why the application for registration should not be refused.
Disputes between builders and homebuyers in the Maharashtra that went to mediation were successfully settled, preventing time-consuming litigation in RERA Authority.
TN-RERA has recently passed an order to the builder to refund the amount with interest along with Rs. 75,000 for compensation and litigation expenses against the Developer for not providing the documents.
The Consumer Protection Act, 1986 provides for redress against unfair trade practices and a false or misleading advertisement becomes an unfair trade practice under the provisions of the law.
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
As a buyer if you aware that a project should be registered then you can move a plain application to that effect before the RERA Authority and they shall take a suomoto cognizance over the same.
NCDRC ordered a Pune based builder – Marvel Omega to refund Rs 8.14 crores along with 10% annual interest to the buyer.
This initiative by RERA will prove to be very fruitful to the homebuyers whose hard-earned money is stuck installed project wherein the builder is absconding or in jail.
The complaints against the defaulting builders should only be taken up by RERA Authorities of the State before being referred to the NCLT for the insolvency proceedings.
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?
The Gujarat RERA has been able to solve the grievances of more than 65 Complainants by disposing off their cases in fast track manner within a tenure of one year only.
Although, the home-buyers are taking a sigh of relief but what if there is no Builder-Buyer agreement executed between the Builder and buyer.
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