[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
As if the unprecedented crisis brought on by coronavirus was not enough, a series of
decisions on the Insolvency and Bankruptcy Code, the Consumer Protection Act and RERA
over the last few months has added to homebuyers’ misery.
Here are some of the key issues:
The Insolvency and Bankruptcy Code, 2016 (IBC) has been amended to introduce a minimum
threshold requirement. Now, 100 homebuyers or 10 percent of the total number of
homebuyers, whichever is lower will be needed to trigger an IBC petition at the National
Company Law Tribunal (NCLT) against a defaulting developer for the purposes of grievance
resolution or liquidation, as the case may be.
Under the Consumer Protection Act, 2019, the pecuniary jurisdiction of various consumer
forums has been raised substantially.
A homebuyer will now have to approach the district forum for amounts paid up to Rs 1 crore,
the state forum for amounts paid from Rs 1 crore up to Rs 10 crore; and the national forum
for amounts over Rs 10 crore. These thresholds were at Rs 20 lakh, Rs 20 lakh to Rs 1 crore,
and over Rs 1 crore, respectively under the Consumer Protection Act, 1986, that was
applicable before the latest amendments.
The ministry of housing and urban affairs, Government of India, vide an Office Memorandum
dated May 13, 2020, issued an advisory for extending the registration of real estate projects
due to Force Majeure under the provisions of the Real Estate (Regulation & Development)
Act, 2016 (RERA).
Read more at: https://www.moneycontrol.com/news/business/real-estate/homebuyers-woes-escalate-in-covid-19-times-5835561.html
Have a nice day