RERA Prevails over SARFAESI & can entertain complaints by home buyers against bank: SC

Union Bank of India Vs Rajasthan Real Estate Regulatory Authority (Supreme Court of India) The Supreme Court upheld  Rajasthan High Court judgment and held that RERA would not apply in relation to the transaction between the borrower and the banks and financial institutions in cases where security interest has been created by mortgaging the property prior to the introduction of the Act unless and until it is found that the creation of such mortgage or such transaction is fraudulent or collusive. If further held that RERA authority has the jurisdiction to entertain a complaint by an aggrieved ...