The delay in possession by the builder can be frustrating for buyers, impacting those eager to shift to their new homes. This situation is particularly challenging for individuals residing in rented spaces or those who have made plans to leave their current property.
You might be wondering – if a builder delays a project, what to do. But you are not remediless here! Let’s see the possible reasons for the delay in possession certificate by the builder and what you can do in such scenarios.
Here are some of the most common reasons for delay in possession of property to the buyers:
If there is a delay in possession of the property, here are some of the steps you can take:
If you are planning to buy a property in India, then you should be aware of your rights. Many buyers fail to take remedial measures and avail of compensation for their losses in case the builder delays possession just because the buyers are not aware of their rights. As RERA functions differently for each state, you can visit your state’s RERA website to check out all the projects being developed as well as their status and profile. This can simplify and improve your overall home-buying experience.
Apart from choosing the right project and builder to invest in, selecting the right financer is equally crucial if you are buying real estate. Real estate loans are long-term financing facilities going up to 10-20 years. Choosing the right lender is important to ensure a seamless financing experience.
IIFL Home Loan has remained a homebuyer’s choice when it comes to home loans in India. With affordable interest rates, flexible terms, and quick processing, you can finance your property purchase instantly and seamlessly. You just need to apply online and submit the home loan documents online. Visit IIFL Home Loans and know your eligibility!
Ans: In case there is a delay in possession of the flat, then the buyers can claim compensation, interest, or even a refund of the entire amount as per the provisions of RERA.
Ans: You can check the entire details of the project by visiting the RERA website of your state.
Ans: You can visit the RERA website of your state and file RERA complaint against the builder accordingly. If you find it difficult to file a complaint online, you can visit the nearest RERA department to file the complaint.
Ans: RERA complaints against builders and agents are entertained by the RERA authorities. Outside RERA, you can visit the consumer court to file a complaint against them. However, civil courts do not address consumer complaints against builders as RERA authorities hold jurisdiction in such cases.
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