ANALYSIS OF ALLOTTEE’S STATUS IN REAL ESTATE SECTOR

Best Citation – A. Swathi, Analysis of Allottee’s Status In Real Estate Sector, 1 IJLR & 16 (2021)

ABSTRACT

This paper is aimed at examining the present status of allottees in the real estate sector in India and the remedies available to them under various laws. This paper mainly deals with the status of the allottees in the RERA Act. Under this Act, Allottees means a person to whom the apartment, building or plot is being sold or allotted by the promoter for consideration. It has been enacted with the primary purpose of protecting the homebuyers from the defaults committed by the developers in the real estate sector. Furthermore, this paper analyses the remedies available to the allottees under other laws like, the consumer protection Act, under this the homebuyers can avail the remedies as a consumer and also in IBC, the homebuyers have the liberty to initiate insolvency proceedings as a financial creditor. Though different types of remedies are available under the above-mentioned laws, homebuyers are still facing problems relating to the speedy disposal of cases. And also, the homebuyers are always confused about which the appropriate forum is and which provides better and speedy remedies to them. The scope of study is limited to the role of allottees in the RERA Act and the impact of various laws on allottees in the real estate sector in India.

KEYWORDS: Allottees, consumers, financial creditors, developers and real estate sector.