The Hush Post|13:00 pm|1-min-read
Here’s some big relief for home buyers across the country, who are forced to wait for possession of their flats for years. Now, the apex consumer commission has set a time period on delayed projects to deliver on a promise or refund money to all investors.
The National Consumer Disputes Redressal Commission said buyers can seek refund from the builder if possession is delayed by one year beyond the promised date.
According to a report in the Times of India, the NCDRC said in an order that, “It is now established that allottees have the right to ask for a refund if possession is inordinately delayed, particularly beyond one year.”
The order was passed on a plea filed by a Delhi resident who bought a flat in 2012. He still has not been given the possession that was promised within 36 months with a six months grace period. When the builders failed to deliver the possession of the apartment, the man moved the court to enable them to either give him possession or refund the money.
However, the commission has now directed the builder to pay compensation to the man at the rate of 6 per cent per year on the total deposit made by him.