Resolving a Real Estate Dispute: Genesis Infratech Pvt. Ltd. vs. Vishal Sharma
Digging deep into the Rajasthan real estate conflict between Genesis Infratech and Vishal Sharma. Find out the latest updates! #RERA #RealEstateDispute
In the realm of real estate, disputes between buyers and developers can often arise, causing significant frustration and financial loss. One such case involves Genesis Infratech Pvt. Ltd., a prominent real estate developer, and Vishal Sharma, an aggrieved buyer. At the heart of the matter lies the non-registration of an ongoing project, "Genesis Flora," and the subsequent failure to deliver possession as per the agreed timeline. In this article, we delve into the details of the case, examining the roles of the Rajasthan Real Estate Regulatory Authority (RERA), the significance of project registration, and the consequences of non-compliance.
Background
The Rajasthan Real Estate Regulatory Authority (RERA) serves as a crucial regulatory body overseeing real estate projects within the state. Its primary role is to ensure transparency, accountability, and timely delivery of projects. One critical aspect of RERA's mandate is the registration of real estate projects, which helps protect the interests of buyers and establishes a clear framework for project completion. Failure to register a project can have severe consequences, both legally and financially, for the developers involved. This case involving Genesis Infratech Pvt. Ltd. and Vishal Sharma sheds light on the importance of adhering to RERA guidelines and the implications of non-compliance.
Complaint Details
Vishal Sharma, the complainant in this case, had purchased unit C-602 in the "Genesis Flora" project. Despite the project being ongoing, it had not been registered with RERA, as required by law. This non-registration came to light following a previous case, Kartar Singh, which set a precedent for project registration. Vishal Sharma further alleges that the developer failed to deliver possession within the agreed timeframe, causing significant distress. Seeking redress, Sharma requested a refund of Rs. 20,50,053/- along with interest, amounting to 24% per annum on the consideration of Rs. 21,07,720/-.
Respondent's Reply
Genesis Infratech Pvt. Ltd., the respondent in this case, submitted a reply, countering the complainant's claims. The developer claimed that the project was complete and cited force majeure as a reason for the delay in project completion. Additionally, Genesis Infratech Pvt. Ltd. requested the dismissal of the complaint, urging Vishal Sharma to take possession of the unit.
Authority's Evaluation
Upon thorough evaluation, the Rajasthan Real Estate Regulatory Authority (RERA) found itself in disagreement with Genesis Infratech Pvt. Ltd.'s contentions. RERA noted the developer's failure to comply with their previous directions regarding project registration and the submission of a valid completion certificate. The partially issued completion certificate provided by the respondent applied only to specific blocks within the project, excluding the block containing Vishal Sharma's unit. Consequently, the project's ongoing status remains a key consideration, with compliance to the Act's provisions contingent upon securing a valid completion certificate.
Decision and Order
In light of the evidence presented and the Authority's evaluation, the complaint lodged by Vishal Sharma was deemed valid. The Rajasthan Real Estate Regulatory Authority (RERA) ruled in favor of the complainant, directing Genesis Infratech Pvt. Ltd. to refund the deposited amount along with interest. The specified interest rate amounts to 8.6%, calculated based on the highest Marginal Cost of Lending Rate (MCLR) of the State Bank of India (SBI) plus 2% from the agreed possession date of 19.01.2016. To ensure timely resolution, the promoter has been given 45 days from the date of uploading the order on the Authority's website to fulfill the refund obligation. Failure to comply within the specified period may result in recovery proceedings under Section 40 of the Act, with the case being referred to the concerned District Collector for further action.
Conclusion
This real estate dispute involving Genesis Infratech Pvt. Ltd. and Vishal Sharma underscores the importance of adhering to RERA guidelines and ensuring project registration for ongoing developments. The Rajasthan Real Estate Regulatory Authority (RERA) played a crucial role in evaluating the case and ruling in favor of the complainant. Through this ruling, the Authority reiterates the significance of timely possession and compliance with the Act's provisions. Non-compliance can have severe consequences, and developers must recognize the importance of fulfilling their obligations to buyers. The involvement of the District Collector in recovery proceedings further emphasizes the gravity of the situation, underscoring the need for accountability and adherence to established regulations.
Note: The information provided in this article about Rajasthan Real Estate Regulatory Authority (RRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the Comp. No. RAJ-RERA-C-2020-3795 before the Rajasthan Real Estate Regulatory Authority
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