Rajasthan RERA: Banks can’t claim rights on allotted flats
JAIPUR: In a landmark ruling aimed at safeguarding homebuyers, the Rajasthan Real Estate Regulatory Authority (RERA) has determined that banks and financial institutions cannot assert claims over apartments booked to buyers prior to the establishment of a loan. The authority further stated that RERA proceedings may proceed against builders’ directors and landowners, even amidst insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). This decision was made by Rajasthan RERA chairperson Veenu Gupta on February 19 and was published on Saturday, relating to the Avalon Royal Park housing project located in Bhiwadi. The project, initiated in 2012 by M/s G…
