15/09/2022
Delay in Possession by the Builder, What to do?
While investing in real estate projects, the buyers must be cautious to ensure that the developer is genuine. In case of a delay in the delivery of possession, the buyers have various rights against the builder. Therefore, before executing the real estate contracts and making full/part payments to the developer, the buyers must be diligent. Different forums have been established for the convenience of the buyers to file complaints about delays in the delivery of possession against the builder.
Summary
Delay in possession of the property has been the most significant cause of concern for consumers.
Due to the distress caused to home buyers by such delay, the judiciary system of India has taken eminent steps to regulate the real estate sector.
The Real Estate Regulatory Authority (RERA) has been appointed as an adjudicating mechanism for prompt redressal of real estate disputes matters.
A complainant can file their complaints under RERA for any claim amount.
Suppose the builder has failed to perform their duties and delayed the property’s construction and possession. In that case, one can claim the payment amount with interest claim compensation for damages caused due to the delay.
Investing in real estate projects has become one of the trends in the present times. People invest in the properties to get a better return on their invested money by renting out the property or selling the same at better prices. However, there are genuine buyers too who invest their hard-earned money in real estate projects to reside and have a home for themselves. These projects can either be entirely constructed, i.e., ready to move or under construction. Most of the issues arise when the property/project is under construction, and the home-buyers invest in those properties and, in return, face delay in possession by the builder.
Hence, the delay in possession by the builder of the property can be due to many reasons. Therefore, it is always recommended to take precautions while investing in real estate projects. Also, the buyer-builder agreement must be thoroughly examined before buying or investing in the desired property to avoid any discrepancy in future transactions. Therefore, investing in real estate projects can be easy; however, one must be vigilant to ensure that the developer is genuine.
RASA Overseas
