A builder cannot mechanically forfeit the entire booking amount merely because the homebuyer cancels the booking. Under RERA, a promoter cannot accept more than 10% of the cost of the apartment, plot or building as advance payment without first entering into a written agreement for sale. In builder-buyer disputes, forfeiture must also satisfy the test...
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Confused between RERA and Consumer Commission? Learn which forum is better for delayed possession, refund, compensation and builder-buyer disputes.
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Section 18 RERA 2016 gives a homebuyer the right to claim refund, interest and compensation where the promoter fails to complete the project or deliver possession in accordance with the agreement for sale. The allottee may either withdraw from the project and claim refund with interest, or continue in the project and claim interest for...
Read MoreThe Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted to bring transparency, accountability and discipline into India’s real estate sector. The statute establishes real estate regulatory authorities, appellate tribunals, and an adjudicatory framework for disputes between homebuyers, promoters, developers and real estate agents. The Act expressly aims to protect consumers...
Read MoreINTRODUCTION TO RERA V IBC This paper explores the overlapping jurisdictions of the Real Estate (Regulation and Development) Act (RERA) and the Insolvency and Bankruptcy Code ( IBC ) and the conflicts that arise when these legal frameworks intersect in real estate disputes. With developers increasingly embroiled in insolvency proceedings under IBC, the interests of...
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Introduction Navigating legal battles can be daunting, but with the right legal support, the process becomes smoother. In South Delhi, numerous law firms specialize in dispute resolution, offering expert guidance and representation. Whether it’s business conflicts, property disputes, or family matters, these law firms are equipped to handle various legal challenges effectively. In this comprehensive...
Read MoreIntroduction: South Delhi, a prominent region in the national capital of India, is known for its booming real estate market. With numerous residential and commercial properties being bought, sold, and leased in the area, it is essential to have expert legal assistance to ensure smooth and successful real estate transactions. In this article, we will...
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