Rera registered project but builder is not ready to complete
2 years ago
I have registered a flat in pune. The project is Rera registered and was suppose to be completed in 2019 but till may 2021 it is not completed and now the builder is complete it even after all have given more then 80% of the total amount to him.What is the best option for me to do now?
A.Hi,
According to section 18(1) of RERA, if a promoter delays the possession of a property or fails to complete the project within the agreed-upon time as stated in the sale agreement, he is responsible for returning the amount received from the buyer in respect of the apartment/property or plot, plus interest. The rate of interest charged is 10% of the amount invested by the buyer.
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According to section 18(1) of RERA, if a promoter delays the possession of a property or fails to complete the project within the agreed-upon time as stated in the sale agreement, he is responsible for returning the amount received from the buyer in respect of the apartment/property or plot, plus interest. The rate of interest charged is 10% of the amount invested by the buyer.
If you find this answer helpful, please rate my answer. Thank You.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
RERA gives a homebuyer the option of claiming interest on delayed possession or a full refund of the money paid, including interest. If the builder does not offer the appropriate compensation, RERA has imposed harsh penalties ranging from imprisonment to registration cancellation.
If you find this answer helpful, please rate my answer. Thank You.
RERA gives a homebuyer the option of claiming interest on delayed possession or a full refund of the money paid, including interest. If the builder does not offer the appropriate compensation, RERA has imposed harsh penalties ranging from imprisonment to registration cancellation.
If you find this answer helpful, please rate my answer. Thank You.
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