"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: (ii) Can Umesh withdraw from the project ?

Answer & Explanation:

If the person affected by such incorrect, false statement contained in the notice, advertisement or prospectus, or the model apartment, plot or building, as the case may be, intends to withdraw from the proposed project, he shall be returned his entire investment along with interest at such rate as may be prescribed and the compensation in the manner provided under the Real Estate (Regulation and Development) Act, 2016. In view of the above, Umesh can withdraw from the project. Neev Builders have to compensate any loss sustained by Umesh.

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

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