PROPi.IN
Guest
Login
Register

MahaRERA Stops Hearing Homebuyer Complaints in NCLT Cases

Log in Register
Home MahaRERA Stops Hearing Homebuyer Complaints in NCLT Cases
info@propi.in 9819311244
About PROPi
Account Activation Terms of Service Disclaimer Privacy Policy Refund Policy
About Us Contact Us

MahaRERA Stops Hearing Homebuyer Complaints in NCLT Cases

MahaRERA Stops Hearing Homebuyer Complaints in NCLT Cases

MahaRERA Stops Hearing Homebuyer Complaints in NCLT Cases

Homebuyers facing delays in their projects due to insolvency proceedings are encountering obstacles as MahaRERA has stopped hearing complaints when projects enter National Company Law Tribunal (NCLT) proceedings. Once MahaRERA is informed that insolvency proceedings have been initiated, the authority halts hearing complaints and adjourns these cases until the NCLT resolution is completed.

In a recent order, MahaRERA stated that since the NCLT proceedings were ongoing, it could not adjudicate the complaints and directed the resolution professional to accept claims from the homebuyers.

Legal experts have raised concerns over MahaRERA’s practice of halting hearings when insolvency proceedings begin. They argue that the Insolvency Resolution Professional (IRP) appointed for the project should continue to be responsible for delivering homes to the buyers who have already paid for them. There is no law preventing MahaRERA from continuing to hear complaints or providing relief to homebuyers despite the insolvency proceedings.

In situations where a bank issues an NOC for the sale of a flat, homebuyers gain third-party rights, which the IRP cannot disregard. However, MahaRERA’s decision to stop hearings has left many buyers in limbo, waiting for years without resolution.

Currently, there are numerous projects under NCLT proceedings, with many also having complaints pending before MahaRERA. Homebuyers, who were expecting relief from MahaRERA, now face delays and confusion as their cases are adjourned indefinitely.

Homebuyers can file claims with the IRP, but this often results in minimal relief and long delays, as large creditors take precedence over the claims of individual buyers. This situation leaves homebuyers with no clear path forward.

Experts believe the government should intervene and engage all stakeholders to ensure a fair solution for homebuyers, preventing them from being left in a prolonged and unfair limbo during insolvency proceedings.

Next Article : United Spirits Sells Property in Mumbai for Rs. 172 Crore
Previous Article : New Housing Supply in India’s Top-9 Cities Declines by 34%
About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

Recent News