Legal Remedies for Struck Properties and Projects: Best Real Estate Attorney Advice in Delhi NCR
Real Estate (Regulation and Development) Act, 2016 (hereinafter referred as “RERA Act”) came into force in the year 2017 and at the time of implementation of this Act many Real Estate projects were stalled and many buyers invested into these projects. The problem was that they were neither given the possession over these Real Estate as per the agreement they entered into and nor got a refund of their invested money.
First, we need to know what is stuck or stalled project- Usually a project is deemed to be stalled or stuck project if-
– There is an extra-ordinary delay in delivery of project (as we know a real estate project can take some years to be completed. So, a normal delay can be accepted but if there is extra ordinary delay, then it became the issue of concern)
– The developer of the project is either not reachable or absconded
– The work of development is going on very low pace or stopped altogether
– There is legal issue regarding the project either between land owner and developer or other authorities
Now, it doesn’t mean that there is no solution for this problem, the said Act also provide provision for such situation to help out these buyers. They are as follows:
1. Remedies Under RERA Act
– Taking possessive of the property along with penalty and delayed interest
– Withdrawal from that Real Estate Project invested by the buyer
2. Remedies Under Insolvency and Bankruptcy Code,2016
– Remedy through National Company Law Tribunal (NCLT)
– There is an extra-ordinary delay in delivery of project (as we know a real estate project can take some years to be completed. So, a normal delay can be accepted but if there is extra ordinary delay, then it became the issue of concern)
– The developer of the project is either not reachable or absconded
– The work of development is going on very low pace or stopped altogether
– There is legal issue regarding the project either between land owner and developer or other authorities
Now, it doesn’t mean that there is no solution for this problem, the said Act also provide provision for such situation to help out these buyers. They are as follows:
1. Remedies Under RERA Act
– Taking possessive of the property along with penalty and delayed interest
– Withdrawal from that Real Estate Project invested by the buyer
2. Remedies Under Insolvency and Bankruptcy Code,2016
– Remedy through National Company Law Tribunal (NCLT)
