Now Reading: Supreme Court: Buyers can seek refund with interest if builder delays possession
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Supreme Court: Buyers can seek refund with interest if builder delays possession
Supreme Court: Buyers can seek refund with interest if builder delays possession
The Supreme Court has ruled that homebuyers are entitled to seek a refund of the money paid to a builder, along with reasonable interest, if the builder fails to deliver possession of…
The Supreme Court has ruled that homebuyers are entitled to seek a refund of the money paid to a builder, along with reasonable interest, if the builder fails to deliver possession of the property within the stipulated time. The court made the observation while dismissing an appeal by a builder, M/s. Airtech Projects Engineers Pvt. Ltd., against a National Consumer Disputes Redressal Commission (NCDRC) order that had directed it to refund the amount paid by a buyer for a flat in Noida.
Indian Opinion Analysis
This judgment reinforces the consumer-friendly stance of the apex court in real estate disputes. It clarifies that the Consumer Protection Act offers a remedy separate from RERA, meaning a buyer can choose either forum. The key legal point is that a builder cannot hold a buyer's money indefinitely without delivering the flat. The next step for affected buyers is to check if their builder has crossed the agreed possession deadline, as this ruling gives them a stronger case for a full refund with interest in consumer courts.
Source: livelaw.in
This story was synthesised by AI from the source linked above.
