As the majority of the builders have not delivered the possession of the property as promised made by them and breached the terms and conditions on the agreement executed with the homebuyers.
In the year of 2016, a new set of laws as RERA Act have been implemented, specifically to protect the homebuyer and ensure the growth of real estate sector.
There are many uncompleted projects which are still lying abandoned or molding into structures at a very slow pace.
The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.
A complaint was filed by Umesh Vyas against the developer Prima Terra Buildetch Private Limited and Satsasang Bharti CHS Ltd. The complainant approached MahaRERA seeking the interest on delayed possession.
As per the data obtained from MahaRera authority new projects in Pune district have seen downfall. The district had seen registration of 3,550 projects in October, 3,717 in November and 3,843 in December.
An audit of 14 housing projects in Noida, concluded by the international firm M/s Currie and Brown found that amount worth Rs. 4000 crore were being allegedly diverted by builders of 11 housing projects to which the Noida Authority has now issued a notice.
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