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Now, Consumer Panel Tells Unitech To Refund Rs 1.10The National Consumer Disputes Redressal Commission had ordered the company to refund Rs 1.10 crore to Noida homebuyers who were not provided possession of their unit at the company’s Unitech Grande project even after five years of the scheduled date. An allotment letter was issued to Manish and Ruchi Gupta on June 25, 2010, in which the builder promised to deliver the unit within 30 months for a total amount of Rs 1.20 crore.
Homebuyers Are Now Financial CreditorsHomebuyers will now be recognised as “financial creditors” under the insolvency law, with President Ram Nath Kovind giving his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, on June 6. The ordinance was approved by the Cabinet on May 23.
5 Popular Residential Localities In KolkataMakaaniQ lists top five residential localities to buy a property in Kolkata.
Lotus Panache Buyers To Drag Builder To Supreme CourWhile their complaints are pending with the Economic Offences Wing and the consumer forum, the Lotus Panache Flat Buyers Association is planning to move the Supreme Court. The project by realtor 3C has 30 towers in total. While nine of the towers have already been built and a thousand units have been handed over, 4,000 investors are awaiting delivery while no construction process is in sight for the pending work.
Buyers May Get First Claim On Insolvent Builders' AsThe Insolvency and Bankruptcy Code places consumers right at the end of the queue when it comes to distribution of assets if a company is liquidated, a fault the corporate ministry might correct soon. According to media reports, proposed amendments by a panel will be presented before the ministry to improve the resolution mechanism. Homebuyers could be brought in the category of secured financial creditors in insolvency proceedings.