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Flat buyers must check if builder has right to construct & sell flats

Flat buyers must check if builder has right to construct & sell flats

The law mandates that certain documents must be registered, yet even without registration, permits these documents to be admissible in evidence. Would this be construed to dispense with the requirement to execute the agreement, whether registered or otherwise? Case Study: Raj Developers had constructed Savitri Sadan building at Bhayander on a plot of land jointly owned by eight members […]

Bombay high court to rule on validity of RERA Act today

Bombay high court to rule on validity of RERA Act today

The Bombay high court will on Wednesday pronounce its judgment on the validity of the Real Estate (Regulation and Development) Act. The judgment is much awaited by all stakeholders in the real estate industry, especially builders. Last month, the HC had concluded hearing of arguments in a clutch of petitions filed by builders that challenged the constitutional validity of various key […]

More homebuyers approach cops over delay in handing over flats

More homebuyers approach cops over delay in handing over flats

The economic offences wing (EOW) of city police has taken over probe into complaints against directors of JVPD Properties Ltd for allegedly cheating 96 homebuyers. The complainants told police the builder failed to hand over flats for which they have so far paid Rs 28 crore. Till now, four FIRs have been lodged against the builder over delay […]

FLAT BUYERS TAKE BATTLE FOR RIGHTS TO SUPREME COURT

FLAT BUYERS TAKE BATTLE FOR RIGHTS TO SUPREME COURT

Petition challenges constitutional validity of some sections of bankruptcy law, saying they deprive buyers of a mechanism to recover their money. Flat buyers fighting to save a stalled project of Orbit Corporation in Lower Parel have challenged the constitutional validity of certain provisions of the bankruptcy law, which they say leaves them without any means […]

PM Awaas Yojna subsidy scheme to cover more homebuyers

PM Awaas Yojna subsidy scheme to cover more homebuyers

The government will soon increase the coverage of interest subsidy scheme for home buyers under PM Awaas Yojna (PMAY) in urban areas. Sources said the guidelines will be modified to bring properties falling under any part of all development authorities including villages, industrial belts and even special development authorities to be eligible for interest subsidy The guideline […]

Be a good kid and pay up, SC tells builders Jaypee

Be a good kid and pay up, SC tells builders Jaypee

The Supreme Court on Wednesday allowed Jaiprakash Associates to pay in instalments Rs 2,000 crore that its subsidiary, Jaypee Infratech, owes to homebuyers. The Union government has asked the Uttar Pradesh state government to implead itself in the ongoing case in the Supreme Court regarding real estate developer Jaypee Infratech’s bankruptcy on the grounds that […]

Maha RERA makes only developer, not land owner, answerable to homebuyers

Maha RERA makes only developer, not land owner, answerable to homebuyers

Maharashtra Real Estate Regulatory Authority (MahaRERA) has withdrawn its office order making land owners equally liable as that of builders and developers Maharashtra Real Estate Regulatory Authority (MahaRERA) has withdrawn its office order making land owners equally liable as that of builders and developers under the Real Estate (Regulation and Development) Act, 2016, the Bombay […]

Home buyers claim Jaiprakash Associates diverted over Rs 10,000 crore from Jaypee Infra

Home buyers claim Jaiprakash Associates diverted over Rs 10,000 crore from Jaypee Infra

Jaypee Infratech has spent a minimum amount of Rs 13,283 crore towards the construction and development of the Yamuna Expressway, which translates to an amount of Rs 80.50 crore per kilometer Home buyers claim Jaiprakash Associates has diverted over Rs 10,000 crore from its subsidiary Jaypee Infratech, which is under insolvency, in construction of Yamuna Expressway and […]