You invest every penny you have to book your dream home. But few months down the line you realise that there is a delay in possession of real estate. Now, this can have an adverse effect on all your future plans. However, hang on! Explore the possibilities of claiming compensation.
Delay in Possession of Real Estate: Steps You May Follow
The builder will mention a possession date in the Agreement of Sale. If due to builder delay you do not get the possession by that date there are 2 options that the buyer has.
- Firstly, the buyer can cancel the agreement and he can ask for a refund
In this case, the buyer can terminate the agreement. The liability will be on the builder to return the entire amount of the flat. The builder is also liable to pay the interest for the same.
- Secondly, the buyer can claim compensation for the delay
If the buyer continues with the project then he can claim interest for every month of the delay in possession of his home. He can claim this interest till he gets possession of the house.
If you want the details of the rate of interest in the case of possession penalty then you must check the Real Estate Regulation Rules. Remember, that the rate of interest is different for different States.
The buyer has the option of filing a complaint against the builder
The buyer has the option of filing a complaint against the builder under Section 31 of the RERA Act. If the builder violates this Act then a complaint can be filed with the Real Estate Regulatory Authority. The complaint about the delay in possession of real estate can be filed by the flat buyer or it can be filed by the Association of the allottees in the project.
Take a look at the basic format of the complaint
The complaint format may be different for different States. But some common aspects have to be mentioned in the complaint. First, you have to give the details of the project and the RERA registration number.
Next, the complainant will have to give the details of the violation. The complainant will also have to mention how the delay is affecting him adversely. If the buyer is claiming the Real Estate Compensation then he will have to mention the calculations.
Relevant documents like agreement of sale, payment proof, etc will also have to be submitted. You need to give an advance copy to the builder and take his acknowledgment as well. Accordingly, the Real Estate Regulatory Authority will accept the complaint. Subsequently, they will give a date for the hearing.
Summing up
If you are facing the issue of delay in possession of your flat then there is a way out. You can claim compensation for the delay. You only need to check the legal aspects properly. Check with a legal expert with proper knowledge of the RERA rules and regulations.
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