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Looking for Possession - RERA or NCLT?

If home buyers have difficulty getting the possession, they can either reach out to RERA or NCLT. Across India, unfinished projects speak of people's pain. Under RERA, home buyers are working on a formula to complete the projects all by themselves. In NCLT, the IRP (Interim Resolution Professional) is appointed to help complete the project. What power does RERA court give home buyers, and how do buyers get possession through NCLT or court? "Some projects are stuck because money has been diverted. There are chances of revival if the buyers are united." First, the RERA authority pressurises builders to complete projects. Problems in project completion allow RERA to cancel its registration. RERA then adds the builder and his project to the defaulter's list. The list and information in the notice are shared on the RERA website. In Festival City Phase1, buyers have been demanding possession for two years. There are about 700 commercial buyers in Festival City Phase1. Work is not completed, and buyers have already paid 70-90% money. The builder informed UP-RERA of being unable to complete the project. RERA has cancelled the registration of the project. The objection was to be raised within 60 days by the builder. However, the builder did not object. In this Rs 374-crore project, booking started in 2012 and possession was expected to be given by 2016. During the investigation, RERA found out that buyer's money was siphoned and diverted to other projects. The project status of Phase 2 and 3 are also the same, and work is stalled. RERA gave the buyer's association the first chance to complete the project. Like Festival City, many home buyers' associations are completing projects in NCR. If buyers had backed out, other developers would have got the chance. If home buyers can accomplish this with their money, RERA monitors it. However, it is not easy for home buyers to complete such a big project. They face problems in funding and coordinating with other buyers. According to RERA, consent from 60% of home buyers is needed. Buyers should complete the project only when almost 85-90% of work is complete or in cases where one tower or a phase requires completion. It is necessary to check if the cash flow of a project is positive or not. One should know the financial health of the project. Small projects of 200 units should be completed by home buyers. Disputed projects should be avoided. The condition of the project is to be considered before coming together for the completion of it. If home buyers fail to complete a project, then the responsibility goes to RERA. "Several projects are in the pipeline to get deregistered. In fact, three to four projects are already deregistered successfully. Advertisements are being issued so buyers associations can show interest and consider their proposal. Festival City is being deregistered so buyers of this project can claim to complete the project". When buyers do not get a solution in RERA, they reach out to NCLT. Acting against the builder under IBC is not easy as the government has made several changes to it. Now, home buyers have to get consensus from 100 or at least 10% of buyers of the project. Projects like Lotus Panache in NCR are being built through the IRP after NCLT's decision. Earlier individual home buyers could also move to NCLT. For example, if a builder launches 1,300 units and gives possession of 400 units; from these 400 units, only 100 buyers or 10% are required to form an association. The complainants have to be on the same project. Under IBC, only then can a petition be admitted against the builder. For more information RERA Complaint Online Filing - Register and Check RERA Complaint Status https://www.magicbricks.com/blog/rera... UP RERA: Complaint Filing Process and Status https://www.magicbricks.com/blog/up-r... A Comprehensive guide about Real Estate Regulation Act (RERA) https://www.magicbricks.com/blog/a-co...