The Uttar Pradesh RERA Authority keeping up with the spirit of the Real Estate Regulation and Development. That 7th Conciliation Forum of NCR was held by the Uttar Pradesh Real Estate Regulatory Authority recently wherein for the first time a settlement was achieved between the developer company Supertech and 14 Homebuyers.
The hope of Ramkrishna Shard Parsodkar and his wife was shattered in to pieces when the builder failed to give possession after years of booking. That after being tormented at the hands of the builder, the couple was forced to approach the highest Consumer court of the county.
Hundreds of homebuyers in Karnataka have been left in the lurch as they still haven’t received compensation from the developers. The Karnataka RERA has already passed orders against these errant developers and penalized them for not delivering possession
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.
While dismissing the complaint the authority observed that both the Section i.e. 12 and 18 operate at two separate times of the transaction.
The RERA authorities of the Various State are not granting refund looking into the wider interest of the Real Estate Sector.
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
RERA Authority of Gurgaon has given the way out in the matter and finally, the home-buyers of the project can expect some results on the ground.
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
Mumbai Grahak Panchayat has come with a solution wherein it has launched a portal that will enable buyers to upload information of ongoing residential projects
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.
The HRERA Authority, Gurgaon has become operational in the month of March 2018 but having said that, it has now started giving some landmark decisions.
The recent order passed by the Bombay High Court is remarkable as it conceivably covers a noteworthy loophole in the real estate regulations.
Complaint filed against the developer Shahaji Javir for delaying the possession for a period of 9 long years of the flat booked in Nitin Enclave at Airoli in the month of June of year 2018.
A true picture of RERA shows that RERA is an all – embracing protector and promoter of the real estate sector including the developers and real estate agents.
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