The banks have started issuing an auction notice in respect of real estate projects where the builder has defaulted by not completing the construction of the project. Here we are sharing some remedies for the aggrieved homebuyers.
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.
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.
As a developing country, India had huge prospects for growth in the real estate sector, seeing this many people invested in the sector in good faith.
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’).
Subvention Scheme, which supports the home buyer financially to invest in a property. But are these schemes even benefitting the home buyers or causing great losses to them.
Brochures of Project were printed and distributed before the commencement and implementation of RERA therefore, the same cannot be treated as legal entity.
Some of the legal remedies available for the homebuyers of stalled real estate projects against builders in case of disputes or grievances. Homebuyers can protect themselves from builders in India and ensure that they get their dream home without any hassles.
If the builder is delaying in giving possession or not giving the property as per the agreements there are some effective legal remedies for the aggrieved homebuyers under the law.
RERA Act has given legal remedies for the aggrieved home-buyers and also chained the malicious acts of the Developers.
In a recent decision, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma.
In India, similar to other jurisdictions, unregistered trademark owners also have certain rights under common law to protect their enregistered marks.
A father-son duo in Chennai was arrested by the police on grounds of violating social distancing guidelines and subsequently tortured in custody to the extent that the two lost their lives. Since then, custodial deaths have been rising in India, reaching the figure of 88 in 2022 as per the National Crime Records Bureau.
If there is any breach in the terms and conditions of the builder-buyer agreement or delay in possession of the property then a home-buyer can directly approach to the RERA Authority to avail the legal recourse.
Selling one property to multiple buyers by the builders increased substantially. We are discussing this problem in different parts with all the intrinsic details.
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