Real estate builders often fail to handover the project on time because of pending approval from the Municipal Corporation or legal disputes. It can also occur in case a developer is facing financial crunch and the bank is not ready to fund the project. This type of delay often causes huge loss to the buyers as it becomes very difficult to plan for the future. For instance, a person who has taken a housing loan from the bank will need to pay EMIs as well as the rent of the place where he/she is currently staying. All these can put stress on the finances of the person and can also cause mental stress.
However, with the Government coming up with new rules and regulations, buyers have got the authority to go ahead and take certain actions against the builder or developer if they do not handover the property as per the commitment. Take a glance at the things that you can do in case you face similar kind of situation:
- In case the builder postpones the completion of the construction beyond the set time, as a buyer you are authorized to seek compensation from the builder. In addition to this, you should make sure at the time of signing agreement with the builder that the compensation clause is there in the agreement.
- As a property buyer, you are authorized to file a consumer complaint against the builder regarding delay. You should file a written complaint with apt ‘Consumer Dispute Redressal Forum or Commission’ under the Consumer Protection Act (CPA), 1986, and take into consideration pecuniary and territorial jurisdictions. You can even make a claim for the losses even if the possession has been delayed by a day.
- You should check the provisions that your state has because certain states in India have special provisions that can benefit buyers to a great extent.
- If you are sure that you will be getting possession in the next few months or years, you can make a claim for the money spent for renting purpose. In addition to this, in case of delayed possession, you can also make a claim of the interest on the payment that has been made for the flat.
- Apart from claiming for the direct losses, you can also claim for the indirect losses on condition that you have proof to support that. For instance, you were supposed to get the handover of the flat before your wedding, but due to the delay, your marriage has been cancelled, then you can make a claim for the loss.
These are some of the steps that you can take as a property buyer in case the property handover has been delayed. But, it is always recommended that you send a legal notice to the builder first so that he can get time to respond. This will ultimately help you in saving time and money.
Another important advice from the real estate experts is that a buyer must always choose a builder who is well-known and has excellent past records. So, before you opt to buy a residential project nearby NH 24 Ghaziabad, you must cross-check the credentials of the builder.