As per the information, The draft rules of the Haryana Real Estate Regulatory Authority (H-RERA) are set to come into effect from July 1. The town and country planning (TCP) department will soon submit a report on the draft rules to the government for them to be notified.
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.
RERA was implemented to acknowledge and solve discrepancies and issues of home buyers. By establishing rules for the sale of real estate and requiring developers to adhere to certain criteria, it protects the interests of homebuyers.
Kind of strong initiative by the authority gave a ray of hope to homebuyers as their rights are more protected now than ever. The authority is taking every possible step to avoid the violation of the provisions of the RERA Act and to protect the interest of the homebuyers.
According to RERA, grievances filed with the authority must be resolved within 60 days of filing. Complaints have been settled more quickly via the conciliation forum than through the authority. It also cuts down on the expense and time of litigation.
The Hon’ble Supreme Court’s decision is a watershed moment for homebuyers and allottees. A number of findings in the current judgment support this conclusion, including parallel remedies under RERA and the Consumer Protection Act.
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.
An allottee can write a representation addressed to the DM explaining his grievance and praying for the compliance of the RC issued by the RERA within a specified period of time.
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.
Consumer Court or MahaRERA: Homebuyers have the option of withdrawing the pending consumer complaint and file before appropriate RERA authorities.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
The article speaks about the legal remedy or solution as to how an order passed by RERA or consumer court or others fixing any debts and liability can be executed or honored.
This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.
Judgment, which is titled Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. upholds the constitutional validity of Section 5(8)(f) of the Insolvency & Bankruptcy Code, 2016 (hereinafter as the ‘Code’).
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