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Highlights Of The New Law For Homebuyers In India In Case Of Delayed Possession

  • -Homebuyers can now seek a full refund from builders with 10% interest if the possession of their flats is delayed beyond one year from the promised date of delivery.
  • -The National Consumer Disputes Redressal Commission (NCDRC) passed this order in an attempt to aid the homebuyers who have to face incessant delays in getting possession of their homes/flats.
  • -The NCDRC in its order held that the homebuyers can ask builders for a full refund if the possession of the flats is delayed by a year from the promised date of final delivery.
  • -The order stated that if the house is delayed unreasonably, the builder cannot force the buyer to take possession of the house.
  • -The homebuyer has full freedom on whether they want to take possession of their flat in a delayed housing project or seek refund and the builder can not refuse to return the amount on the ground that the flat is ready.