The Supreme Court of India has issued a series of directions to safeguard the interests of homebuyers and strengthen the functioning of the National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), and Real Estate Regulatory Authorities (RERAs).
Case Reference: Mansi Brar Fernandes v Shubha Sharma and Anr
Key Issue: Delayed possession of flats and refund of amounts paid by homebuyers
Court’s Observations:
– The right to housing is not just a contractual entitlement but a fundamental right to life under Article 21 of the Constitution.
– Homebuyers’ rights need to be protected, and their interests should be given due consideration.
Directions Issued:
– Strengthening NCLT, NCLAT, and RERAs to ensure effective implementation of laws and regulations related to homebuyers’ rights.
– Ensuring timely possession of flats or refund of amounts paid by homebuyers.
Impact:
– Enhanced protection for homebuyers and their rights.
– Improved accountability of builders and developers.
– Strengthened regulatory framework for the real estate sector.
Takeaway:
This judgment underscores the importance of protecting homebuyers’ rights and highlights the need for effective implementation of laws and regulations in the real estate sector.
