"Neev Builders" launched a luxury housing project, issued a prospectus and advertised that these spacious apartments would have scenic views and all the global amenities. Umesh was impressed by this advertisement and mad

CS Executive · Economic, Commercial and Intellectual Property Laws · PYQS · December 2024
"Neev Builders" launched a luxury housing project, issued a prospectus and advertised that these spacious apartments would have scenic views and all the global amenities. Umesh was impressed by this advertisement and made advance payment to book an apartment. However, later discovered several significant disparities and amenities from the promises made in the advertisement. Umesh wants to withdraw from the project. Answer the following questions as per the provisions of Real Estate (Regulation and Development) Act, 2016: (i) Explain the obligations of Neev Builders regarding veracity of the advertisement or prospectus.

Answer & Explanation:

Where any person makes an advance or a deposit on the basis of the information contained in the notice advertisement or prospectus, or on the basis of any model apartment, plot or building, as the case may be, and sustains any loss or damage by reason of any incorrect, false statement included therein, he shall be compensated by the promoter in the manner as provided under the Real Estate (Regulation and Development) Act, 2016.

Topics: Real Estate (Regulation and Development) Act, 2016

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