Corporate Law - Recently, various Real Estate Developers had approached the Supreme Court challenging the constitutional validity of the amendment made in the Insolvency and Bankruptcy Code (IBC) which deems the status of allottees as ‘financial creditors’ under the Act. Very recently the Supreme Court upheld the said amendment in Insolvency and Bank...
Read MoreCorporate Law - The Hon’ble Supreme Court (SC) in the case of Kolkata West International City Pvt. Ltd. v. Devasis Rudra passed a judgment stating that the homebuyers are allowed to claim refund from the defaulting builders/developers in case there is a prolonged delay in delivery of possession of homes. In the said case, the builder had failed to [&h...
Read MoreCorporate Law - Key takeaways from 2 honourable Supreme Court judgments of 1) Amarpali & 2) Pioneer as pronounced on 23rd July 2019 & 9th Aug 2019 respectively for Real Estate Stakeholders The striking down of Article 370 by our honourable PM and HM at unprecedented speed has similar parallel in honourable Supreme Court also in last fortnight. [&...
Read MoreCorporate Law - Applicability of RERA registration / Exemption of Real Estate Project and Real Estate Agent Section 3 & 9 of RERA (Real Estate Regulation and Development Act, 2016) Conditions for Registration / Exemption under RERA 1. The area of land proposed to be developed <= 500 sq meters(5382 sqft) 2. The no. of apartments proposed to be...
Read MoreCorporate Law - The RERA Act came into effect from May 2016. Consequent thereto the State of Maharashtra notified the applicability of various provisions of the said Act from 1st May 2017. MahaRERA was constituted by the state of Maharashtra as an authority for enforcing the various provisions of the said Act. As soon as the said authority […]...
Read MoreCorporate Law - A number of writ petitions were filed before the Hon’ble Supreme Court against the projects of various Companies of Amrapali Group in Noida and Greater Noida. In 2011, various housing projects were launched in Noida and Greater Noida by Amrapali Group of Companies to construct approximately 42,000 flats and it was assured that the deliv...
Read MoreCorporate Law - As we are in the 2nd year of the implementation of RERA, I am happy to note all the States/UTs have notified Rules under RERA except for 6 North Eastern States and the state of West Bengal...
Read MoreCorporate Law - The two laws enacted in 2016 may have the best of intentions, but the Insolvency and Bankruptcy Code (Code) and the Real Estate (Regulation and Development) Act appear to be pitted against each other when it comes resolving interest of bankers and home-buyers, said an ASSOCHAM- Thought Arbitrage paper. ...
Read MoreCorporate Law - In order to promote affordable housing, the government has made several efforts to create enabling environment and eco-system.Towards such an end, the Government has granted infrastructure status to affordable housing which will enable these projects to avail the associated benefits such as lower borrowing rates...
Read MoreCorporate Law - PwC’s comprehensive report on ‘Transactions in the real estate sector’ covers the various tax and regulatory aspects that need to be considered while entering into transactions in the real estate sector....
Read MoreMr. Jatin Mavani Vs M/s. Rare Township Pvt. Ltd (RERA) - Since the complainant is also a party to the said proceeding , he can not separately agitate this complaint before the MahaRERA, as it will amount to agitate multiple proceedings on the same issue, which is not permissible in RERA Act, 2016. In the present case since the MahaRERA has already given j...
Read MoreSanjeev Dhakar Vs. M/s. Arkade Realty (Maharera Mumbai) - The complainant, who is a resident in a completed building in the above registered project, has filed this complaint seeking directions of MahaRERA to the respondent to allow him to park his vehicle inside the compound wall of the building. The Complainant has further alleged that the Respondent is ...
Read MoreNeelkamal Realtors Suburban Pvt. Ltd. and anr. Vs. Union of India and ors. (Bombay High Court) - Provisions of RERA are prospective in nature. The penalty under Sections 18, 38, 59, 60, 61, 63 and 64 is to be levied on account of contravention of provisions of RERA, prospectively and not retrospectively. These provisions, therefore, cannot be said to be violative of Articles 14, 19(1)(g), 20(1)...
Read MoreIsmail Ibrahim Patel and ors. Vs. State of Maharashtra and ors. (Bombay High Court) - The petitioner had questioned and challenged the validity of office order dated 11th May, 2017 passed by the Secretary, Maharashtra Real Estate Regulatory Authority (hereinafter referred to as Maha RERA for short). In the impugned order the Maha RERA observed that since the term ‘Co prom...
Read MoreAvinash Saraf, Neha Duggar Saraf Vs Runwal Homes Pvt. Ltd. (Maharashtra Real Estate Regulatory Authority, Mumbai) - In, Avinash Saraf versus Runwal Homes Private Limited case, the landmark judgement given by MAHARERA, Mumbai, having complaint number 32, Dated 13th October 2017. Final judgement is given by Honorable Shri B. D.KAPADNIS....
Read MoreCircular No: 24/2019 - (04/06/2019) - Whereas, in accordance with Section 15 of the Real Estate (Regulation and Development) Act, 2016, the promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, excep...
Read MoreMahaRERA Order No: 8119 - (28/03/2019) - Therefore, it is felt necessary to issue necessary direction which shall be followed for revocation of project registration and thereafter- MahaRERA shall only consider those complaints for revocation of project, when Association of Allottees is involved....
Read MoreOrder No: 07/2019 - (08/02/2019) - In cases, where the promoter of a MahaRERA registered project is unable to complete the project in the extended time of one year, granted under Section 6, further extension may be given only in those cases where the concerned association of allottees resolve that instead of revoking the registration...
Read MoreNo. MahaRERA/Secy./Order- 6/1126/2018 - (29/11/2018) - When a complaint is being heard by MahaRERA or an Adjudicating Officer of MahaRERA and the said authority is satisfied that there is a possibility of settlement by way of conciliation, then with the consent of both the parties involved, it may refer the complaint to a designated bench of the Maharas...
Read MoreCircular No. 23/2018 - (26/11/2018) - SOP for handling complaints against registered projects and for source information of projects, which ought to have been registered but have not registered....
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