Conciliation forum is one such mechanism to resolve the issues adeptly. But there are several cases in which a conciliation agreement has not been honored by the builders.
There has been no or little knowledge about the functioning of IBC but let us assure you that we have done many matters under IBC and have ended up getting justice for all our home-buyers clients. It is quick, efficient and result oriented.
The time period of paying the money lapsed, few more months also went by chasing the builder to pay the money as per RERA order but all this begged no results and Homebuyers are forced to knock on the doors of RERA Authority again.
Ministry of Housing and Urban Development issues notification asking RERA Authorities across India to grant extension to Real Estate Projects for a period of 6 months and maximum to a period of 9 months.
Such one-sided notification by MahaRERA is a big black mark on the rights of the homebuyers. The notification provided all sorts of protection to developers/builders in terms of payment of interest and delivery of units but it nowhere caters to the difficulties faced by the homebuyers.
The homebuyers who were to get their homes anytime soon have to now at least wait for another period of 6 months or maybe 9 after the extension of real estate projects’ completion date.
Continuous demands of the project developers for extension of RERA registration have posed a major question of marginalizing the interest of the Homebuyers.
GujRERA authority has extended benefit to more than 80% of the ongoing projects across the state which are likely to be completed in the next four years.
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
Consumer Court or MahaRERA: Homebuyers have the option of withdrawing the pending consumer complaint and file before appropriate RERA authorities.
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.
This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.
The claims can be filed before the Resolution Process will be closed, but in the same case, the Creditor cannot become a part of the COC without filing the claim.
Centrik is feeling proud to being helping hand to the 144 aggrieved homebuyers to get justice on handover stalled projects.
Home buyers are vital stakeholders in building projects. Many home buyers book their property in advance which helps builders raise funds for construction and development of the project.
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