Now Reading: Delayed flat possession? Homebuyers can seek refund, interest under RERA
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Delayed flat possession? Homebuyers can seek refund, interest under RERA
Delayed flat possession? Homebuyers can seek refund, interest under RERA
Homebuyers facing delayed possession of flats without communication from builders can seek refunds, interest, or compensation under RERA and consumer protection laws, Livemint reports. Buyers can file a complaint with the local…
The Story in Brief
Homebuyers facing delayed possession of flats without communication from builders can seek refunds, interest, or compensation under RERA and consumer protection laws, Livemint reports. Buyers can file a complaint with the local RERA authority if the delay extends beyond the agreed possession date. If the delay is over six months, buyers can terminate the agreement and claim a full refund plus compensation, which the builder must pay within 45 days. Interest for delay is typically calculated at 2% above the RBI lending rate.
The Indian Opinion
The narrative that homebuyers are helpless against builders is exaggerated. RERA provides clear remedies, refund with interest, compensation, and even termination of agreement. The real test is enforcement: how many RERA authorities actually deliver orders within the stipulated 60 days, and how many builders comply without further litigation. That number will tell if the law is truly working.
Source: livemint.com
This story was synthesised by AI from the source linked above.
