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Builders can't force buyers into arbitration: Consumer panel

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Builders can't force buyers into arbitration: Consumer panel

Unread postby Admin » Fri Jul 14, 2017 3:21 pm

The Times of India | July 14, 2017

Shubhra Pant | Gurugram
The Haryana Real Estate Regulation Act (H-RERA) will be implemented latest by month-end, said government officials close to the development. Earlier, the government had fixed a deadline of July 15 to roll out RERA for the state.

The Centre has recently pulled up states for not implementing RERA in time, and warned them against diluting the central Act."We're in the final stages of the process of implementation, and RERA will be introduced in Haryana latest by end-July," said Dilbagh Singh, consultant, RERA for Haryana. As of now, 20 city developers have applied for registration under RERA, of which nine have been registered, said sources. Late last week, discussions over the Act took place at a high-level meet between chief minister Manohar Lal Khattar and the Union MoS Rao Inderjeet Singh, where the latter reportedly asked the state government and Khattar to ensure RERA is not diluted. The minister has said he does not want any dilution in the Act that favours developers.

While the state readies to launch the much-awaited regulation, developers and buyers are a apprehensive lot. Most homebuyers in the city are worried the state government might leave existing projects outside the purview of the state RERA, beating the whole point of the legislation.

"Dilution of RERA rules in Haryana will be ironic, because it was BJP that had campaigned for the Act. We're sceptical the state government will exclude existing projects. In case that happens, we'll boycott and challenge the move," said V P Bakshi, a homebuyer.

Another homebuyer, S S Jaryal, said, "Some states feel saving the builder community will revive real estate market, as well as get flats in delayed projects delivered to owners. But they are failing in both targets. Buyers are not getting justice, and the crooks are not being punished. This will never revive the real estate industry."

Developers though expect the government will not be retrospective in its legislation, and will keep projects which have been handed over, outside the purview of the RERA Act. Developers are also suggesting the state government takes a cue from Maharashtra in this regard. "Maharashtra has asked its developers to show the cash-flow for on-going projects, and keep the pending amount in an escrow account, instead of keeping 75% of the project cost aside for the project. This gives breathing space to developers with regards to funds," said Praveen Jain, president, NAREDCO.
Attachments
CC-701-2015 NCDRC.pdf
NCDRC Order for the Same
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CC-701-2015 NCDRC.pdf
NCDRC Order for the Same
(300.43 KiB) Downloaded 39 times

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