Search Results for: provision of the RERA Act

Can home-buyers remove the builder from the project?

There have been few instances where the project is stalled and the association of the allottees have been handed over the project to complete the remaining construction of the project.

Can builder transfer the project to the third party?

As per RERA Law the promoter shall not transfer the project to the third party without obtaining the prior written consent from two-third of the allottees and prior written approval from the concerned RERA Authority.

What if builder does not have occupation certificate for the project?

There are such no. of cases wherein Builder does not have OC but they are offering the possession to the Home-buyers; even knowing the fact that this is an illegal act.

What happens once Insolvency application is admitted

What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.

NCLT may override the order under PMLA

Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.

Bombay High Court: Deposit 50% of the refund amount to hear the case

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.

Can financial creditor approach NCLT while the petition is pending in NCDRC?

The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.

Registration of sale agreements are mandatory if homebuyers want interest

The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.

Assured Returns: Not for Real Estate Projects

The Gurugram RERA known as H-RERA is about issue a notification for the builder who are trying attracts the home buyers by making an offer of ‘Assured Returns’.

Builder cannot evade from penalty claiming the project to be new

The on-going projects cannot come under the category of the new projects only for the purposes of not paying the penalty against the delay in registering an on-going project.

Rights of Homebuyer in Case of Cancellation by The Builder

The builders started acting smart and cancelled the allotment on this pretext but never returned the money collected from the buyers.

Homebuyers get a relief under the Insolvency and Bankruptcy Code, 2016

Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.