Bombay High Court bench on Monday stood in support of the validity of the Real Estate (Regulation and Development) Act by stating and clarifying some of the provisions of the Act to the developers who filed petitions against the Real Estate Act in Mumbai.
In a petition filed against the provision of the Act stating the penalty for builders on missing the possession date, the Advocate General appointed said that the interests payable by builders will act as similar to the ones that homebuyers need to pay on the failure of payment of installments. Also, when a builder is unable to complete a project in future, the RERA Authority, for example, MahaRERA, will have the power to appoint a new builder in order to complete the project.
The Bombay High Court was resuming the hearings on petitions filed against the RERA Act.
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