Every property project launched after May 2017 or major construction activity was done after May 2017 need to have delivery date which is either mentioned in Agreement entered into between Buyer and Purchaser or mentioned in the prospectus of the project. But Builder delivers the possession of the property whether commercial or residential beyond the date as promised or agreed then it is delay in possession.
You can file complaint against the builder/ allotee / promoter with the concerned RERA Authority and ask for the refund with interest and cancel the purchase and get the compensation or claim compensation for the delay without cancelling the purchase. To be more specific, the following remedies can be sought:
In case purchaser is not sure when he will get the possession and intends to cancel then purchaser may ask for the refund of amount paid by purchaser to the builder and claim the compensation required to buy alternate accommodation at the ongoing market value in the respective area. Claim interest on the payment made till date rate of interest will be as per the Agreement terms.
If the purchaser/ complainant is sure to get possession of the property in near future or would like to continue with property then purchaser can claim interest for every month of delay, until the time of possession of the property.
The purchaser can claim compensation for the money that he will spend on an alternate accommodation like rent or lease.
The purchaser can claim compensation for loss of opportunity caused to the purchaser, had he invested his money elsewhere.
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* Write up by Team Purple Pursuits, for more details you can reach to us [email protected]
