Position of Home Buyer in India
Volume IV, Issue I, 2021
The dictionary meaning of home is “a place where one lives permanently” but in true sense home is much more than just four walls surround for many it’s a dream and also a place where his soul is attached. An individual works day and night to foothold a space where he along with his family could prosper and secure its future. But what happen if all his day and night earning is plundered through jiggery-pokery or if the real estate developer becomes bankrupt and is in not in a position to deliver the promised property and process the refund ?, This paper attempts to throw the light on the rights of home buyers and the obligations on the builders under the Real Estate (Regulation and Development) Act, 2016 which was enacted to shield the home-buyers as well as to magnify the investments in the real estate industry, this paper elucidate the power’s and functions of the Authority constituted under this act also this paper untangles the position of homebuyers in the waterfall arrangement which is a component of section 53 of insolvency and bankruptcy code and clarity on the dispute whether home buyers are operational or financial creditors for the purpose of the code.