Here is a piece of good news for home buyers in the Northeast.
Now flat buyers can seek for refund if the possession is delayed by over one year.
In a landmark ruling much to the relief of flat buyers, the National Consumer Disputes Redressal Commission (NCDRC) on Thursday stated that home buyers can claim refund from builders if the project is delayed beyond a period of one year.
It has been noticed, particularly in Guwahati that flat buyers have harrowing time as several projects are inordinately delayed.
NCDRC has mandated real estate builders to refund the homebuyers for failing to hand over the possession of an apartment in case of a delay.
According to a TOI report, the NCDRC in its order stated that, ‘It is now established that allottees have the right to ask for a refund if possession is inordinately delayed, particularly beyond one year.’
Notably, the Supreme Court and various consumer courts have been voicing concern for the harassment suffered by the flat buyers over inordinate delay in handing over possession, till date there was no clear time period of seeking redressal.
The NCDRC in its order further stated that in case of more than one year delay in handing over possession the builder will have to refund the entire amount with 10 per cent interest.