| CIN | Not Available |
|---|---|
| Year Established | Not Available |
| Address | Not Available |
| Company Status | Not Available |
Fortune Realty is a builder operating within the state of Gujarat, with a reputation that has come under scrutiny due to a relatively low number of complaints and a significant loss in legal settings. With only one recorded complaint and a case lost, it’s essential to delve deeper into the particulars of the builder’s situation to understand what potential buyers might be getting into.
Legal Case Analysis
Despite the limited history, the legal case against Fortune Realty reveals important insights about their operational practices. The case stemmed from a violation of the Real Estate (Regulation and Development) Act, 2016, specifically regarding the improper advertisement that failed to include the mandatory RERA registration number and RERA website. This oversight resulted in a fine of Rs. 1 lakh imposed on the builder.
Common Factors in Cases Lost
In analyzing the lost case, a clear pattern emerges: the lack of compliance with mandatory regulations governing real estate advertisements. This suggests a potential gap in the builder's processes or a lack of attention to the regulatory details essential for ensuring transparent practices. The case indicates that buyers or stakeholders may need to be vigilant regarding compliance and verification of legal requirements when engaging with Fortune Realty.
Common Factors in Cases Won
Interestingly, while Fortune Realty has not won any cases against them, the one complaint they faced did see the builder make a claim that the omission of important details such as the RERA registration was a simple mistake. While this argument didn’t lead to a favorable outcome from the authority, it highlights an approach taken by the builder indicating a willingness to acknowledge errors. This may reflect a broader cultural aspect within the company, suggesting they may rectify such mistakes in future practices to prevent regulatory conflicts.
Conclusion
Overall, Fortune Realty presents a situation that potential buyers should consider carefully. The single legal issue resulting in fines underlines the importance of rigorously checking for compliance with real estate regulations. Buyers might want to question how these regulations are observed in the future, especially regarding property advertisements and legal transparency.
Tips for Potential Buyers
- Due Diligence: Always verify if the builder adheres to all local regulations, including RERA requirements. Look for transparency in advertisements and official communications.
- Research Complaints: While Fortune Realty has only one complaint, make sure to research further into the builder’s reputation and previous projects, if available.
- Ask Questions: Don’t hesitate to ask the builder directly about their legal compliance and track record with previous buyers.
General Tips for Selecting Any Builder
- Check Reviews and Feedback: Search for reviews from previous customers and analyze feedback regarding their experiences with the builder.
- Assess Experience and History: Look at the builder’s project history. More extensive experience can often mean a more robust understanding of compliance and construction nuances.
- Evaluate Contracts Thoroughly: Always go through contracts and agreements meticulously to ensure clarity on all terms and conditions associated with the purchase.
In summary, while Fortune Realty presents certain risks, buyers can enhance their safeguard measures to navigate the real estate landscape confidently.
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Here you’ll find cases where others sued the builder, and the builder lost. We’ve included a simple summary and key takeaways from each case.
Analysis of the cases filed against the builder Fortune Realty, where the builder lost, revealed several key themes across the disputes. The cases primarily revolved around two critical topics: regulatory non-compliance and advertisement misrepresentation.
The first theme, regulatory non-compliance, highlights the importance of adhering to the Real Estate (Regulation and Development) Act, 2016. In the sole case summarized, the builder was found to have violated Section 11(2) of the RERA by failing to mention their registration number and the RERA website in advertisements. This reflects a broader pattern of neglecting regulatory obligations, which may indicate a systemic issue within the builder's operations.
The reasons for these violations are varied, but a common trigger appears to be a lack of due diligence with respect to legal requirements. Builders may underestimate the importance of compliance or overlook the regulatory framework surrounding real estate advertising. Such non-compliance not only incurs financial penalties, as seen in the case where Fortune Realty was fined Rs. 1 lakh, but can also erode trust among potential buyers.
The builder's losses in these cases primarily stem from their failure to meet regulatory standards rather than any complex legal disputes. The defense presented by Fortune Realty—that the omission was a mistake—highlights a lack of procedural safeguards to prevent such errors. Insufficient evidence of compliance or adherence to standards typically results in unfavorable outcomes for builders in legal proceedings.
In conclusion, the cases against Fortune Realty serve as a reminder of the necessity for builders to prioritize regulatory compliance, especially in advertising. Non-compliance can lead to legal penalties and damage to reputation, undermining buyer confidence in an already cautious market. Buyers should take note of these patterns and consider them when making informed decisions about potential builders.
This table provides an analysis of individual cases that contributed to the summary above. Click on any row to expand and view complete details, and use the "Show More" button to load additional rows as needed.
| Case Number | State | Summary | Case Topic | Detailed Summary | Appellant Name | Respondent Name | Source |
|---|---|---|---|---|---|---|---|
| 137/2019 | Gujarat | The promoter-developer of the 'Fortune Green' pro… | ["RERA registration… | {"appellant_claim": "The appellant claimed that t… | Gujarat Real Estate… | Fortune Realty | https://drive.google.com/uc?id=1RKeSJ-vzMKL3UdREb4gzQXFF2wbBEjYx |