How to make more money in Real Estate

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Delay of possession

DELAY OF POSSESSION

Delay in delivery of possession of a housing quarter is one of the most agonizing and common problem for a property consumer. It makes it difficult to jot down the right path for future, and  burdens us with lots of debt for example, if one is staying in a rented property, one has to pay the rent as well as the EMI for the loan taken to build the new house. Therefore, it is very vital to know your rights and comebacks when builders make false promise or delay possession:

  1. Issuing a legal notice is the first thing to do to a builder. The builder might take corrective actions to get the problem sorted and most importantly the flat purchaser should know that builder don’t always delay to cheat.
  2. You can always claim a refund along with interest in such case and check if the builder is a part of The Confederation of Real Estate Developers’ Associations of India. If face any such trouble, the disputes can be filed under The Consumer Protection Act, 1986 against the builder and can be solved.
  3. In the intricate situation when your builder has stopped development you can claim for the money to buy a substitute accommodation at the ongoing market value of the respective area.
  4. You can always approach the registrar of that society,if you are an esteemed member of housing society.
  5. Keep hold of necessary documents to prove your allegations and then file a case before theLocal District Consumer Dispute Redressal Forum. Pooling in more people can be a plus point in such forum.
  6. You can approach the Competition Commission of India if the builders are a big whale. DLF was penalized by the commission by The Competition Act, 2002 so as to prevent the interests of the consumers.
  7. It would be a plus point in anyone’s ally to understand the Flat Ownership Act by a legal advisor that you have hired so that one has the competent of the correct befalling on them. For example- Maharashtra Ownership Flat Act,U.P Ownership of Flats Act 197,1963 (sec-8) etc.
  8. If your housing society is planning to get into collaboration orredevelopment with a builder a few precautions can ensure your safety from falling into the trap.
  9. If the amount of fraud or cheating exceeds by Rs. 2 Crore you can seek help of Economic Offence Wing (EOW). Such cases are covered under the section 420 or 421 of Indian Penal Code (IPC).

Here is a morale example of a magnanimous builder who outright quite a lot of consumers

Raheja Developers-

Raheja Developers were caught in a corruption case by investigative portal “cobra post”. They were also target of a tax raid by Indian Income Tax Authorities in February 2010. Moreover, in 2009 Raheja won a contract from DDA to improve the condition of slums at Kathputli Colony in Shadipur, where the company was to build 2,800 flats but even 5 years later the work was found incomplete. Then in 2014 again they were criticized by an election candidate of the AAP alleged that it was a scam created by the company and the DDA. On 22 July 2014, 43 buyers of properties in the project Atharva filed a case against Raheja Developers with the National Consumer Disputes Redressal Commission (NCDRC). Recently on 15 June 2015 an investigation was ordered in the project Shilas by Haryana Urban Development Authority. Against Raheja Developers many cases were filed by buyers under Section 9 in the Consumer Protection Act, 1986.

We hope this finds some soothing effect to the stress faced by one’s delayed possession and rights.

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