Question

relevant of banking knowledge to be learn in this rera

Answer 1

Answer:

which are being widely debated, one issue in particular that has come into focus is, the rights of the banks and other financial institutions, who have lent to the developer for the purposes of construction of a project as against the rights of the flat purchasers of the project, which have been defined within the meaning of allottees under the Act.

Presently under Section 7 of RERA, in the event of developer’s default, the authority can revoke the registration of the developer to the project and the association of allottees. The authority can also appoint a new developer to complete the project. Further, under section 8, it is specifically provided that the association of allottees has a right of first refusal on the manner in which the project is completed.