Property, Flats and The Impact of RERA After 2016
In case of Neelkamal Realtors Suburban Pvt Ltd v. Union of India [2017] GCtR 6261 (Bombay) the law related to properties was explained. It was held that the promoter is liable to pay interest on account of suspension or revocation of the registration under the Real Estate (Regulation and Development) Act, 2016 or for any other reason. it cannot be said that Section 18(1)(b) is violative of Articles 14 and 19(1)(b) of the Constitution of India. It also cannot be said to be a penal provision. Section 18 of Real Estate (Regulation and Development) Act, 2016 is compensatory in nature and not penal. It is not unreasonable to require the promoter to pay interest to the allottees whose money it is when the project is delayed beyond the contractual agreed period.
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