Realtor to repay premium for not delivering promised view

The complainant homebuyer had booked an apartment in the developer’s project Xrbia Eiffel City Chakan PH2 situated at Chakan in Pune through a provisional allotment letter

MUMBAI: If a real estate developer has charged a premium for a specific view and the view no longer exists, the developer will have to refund the amount to homebuyers. In most property markets, realty developers usually charge an amount for this, implying an additional service provided to the consumer.

In a unique case, a homebuyer had filed a complaint with Maharashtra Real Estate Regulatory Authority (MahaRERA) against realty developer Xrbia Group stating that the developer had charged him a certain amount for premium view of a garden and other amenities.

The complainant homebuyer had booked an apartment in the developer’s project Xrbia Eiffel City Chakan PH2 situated at Chakan in Pune through a provisional allotment letter. However, the view now no longer exists as another building is coming up on the said location.

While the regulator has not passed any order specifically on this matter, the developer finally agreed to not charge the amount towards premium view from the homebuyer.

The developer submitted to MahaRERA that since the said premium view is not being provided, he will not charge the said premium amount towards the consideration price of the said apartment. The complainant homebuyer also agreed to the reduction of the premium amount from the balance consideration price.

Credit : https://realty.economictimes.indiatimes.com/  

BMC's new policy on dilapidated buildings in Mumbai may boost redevelopment

The new policy lists detailed guidelines for declaring private and municipal buildings in the city in C-1 category (dangerous and unsafe)

MUMBAI: The BMC has uploaded its new policy on dilapidated buildings on its website, which civic officials say will speed up the redevelopment process. Disputes between tenants and owners often lead to a delay in vacating a building and redevelopment drags on for years, said civic officials

The new policy lists detailed guidelines for declaring private and municipal buildings in the city in C-1 category (dangerous and unsafe); it doesn’t cover Mhada buildings, cess properties, and port trust and defence properties.

Under the new policy, the BMC will grant sanction for redevelopment—intimation of disapproval—only after an agreement providing permanent alternative accommodation in a new building or a settlement is arrived at between the tenants and landlord. No commencement certificate will be issued too till then. Also, if a BMC employee refuses to vacate a C-1 category building, despite alternative accommodation being provided, a departmental inquiry will be conducted against him for endangering the life and property of himself and others, and he will be suspended from service, pending inquiry. In case the occupier is a tenant, the agreement licence with BMC will be terminated and he will be evicted.

The BMC also introduced five technical advisory committees for the suburbs, the island city and municipal buildings to expedite the process of resolving disputes between tenants and owners over structural audits. Currently, there is only one such committee.

Credit : https://realty.economictimes.indiatimes.com/

Cabinet clears amendments to insolvency and bankruptcy code

Minister for Law and Justice Ravi Shankar Prasad, briefing reporters after the Cabinet meet said, "I cannot disclose anything because it's a new legislation except to reinforce that the Cabinet has approved it"

NEW DELHI: The Cabinet today cleared amendments to the Insolvency and Bankruptcy Code (IBC), incorporating changes suggested by a government appointed panel.

Minister for Law and Justice Ravi Shankar Prasad, briefing reporters after the Cabinet meet said, "I cannot disclose anything because it's a new legislation except to reinforce that the Cabinet has approved it".

Asked if the Cabinet has cleared some relief measures for home buyers as per the recommendations of the panel, Prasad said, "there is something called constitutional protocol. An Ordinance till it is approved by the President, I cannot speak about the details".

A 14-member Insolvency Law Committee had made suggestions to the Ministry of Corporate Affairs, including addressing woes of home buyers and making recoveries easier for lenders.

The panel had suggested that home buyers should be treated as financial creditors, which will allow them to equitably participate in an insolvency resolution process.

The panel has also suggested relaxations for Micro, Small and Medium Enterprises(MSMEs) under the IBC.

Credit : https://realty.economictimes.indiatimes.com/