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DELAYED POSSESSION UNDER RERA


 

Under the Real Estate Regulatory Authority (RERA) law, delayed possession of real estate projects is a significant concern that is addressed to protect the interests of homebuyers. RERA has provisions to safeguard buyers against project delays and provide them with appropriate remedies. Here are some key points related to delayed possession under RERA:

1.   Timelines and Obligations: RERA mandates that developers provide an accurate timeline for the completion of the project and possession of units to homebuyers. The law imposes obligations on developers to adhere to the promised timelines and deliver possession within the stipulated period.

2.   Compensation for Delay: In case of project delays, RERA provides for compensation to be paid by the developer to the homebuyers. The compensation amount is typically calculated based on a predetermined rate, which may vary from state to state.

3.   Grievance Redressal: RERA establishes Real Estate Regulatory Authorities and Real Estate Appellate Tribunals to address grievances and disputes related to delayed possession. Homebuyers can file complaints with the appropriate RERA authority seeking relief and compensation for the delay.

4.   Refund and Exit Options: RERA also provides exit options for homebuyers in case of significant delays. If the developer fails to deliver possession within the specified timeframe, buyers have the right to seek a refund of the amount paid, along with appropriate interest and compensation.

5.   Interest on Default: RERA mandates that developers pay interest to homebuyers in case of delays in possession. The interest rate is typically linked to the State Bank of India's highest marginal cost of lending rate (MCLR) and is payable from the due date of possession until the actual date of possession.

6.   Enforcement and Compliance: RERA authorities have the power to take strict actions against developers who fail to fulfill their obligations. This includes imposing penalties, revoking project registration, and initiating criminal proceedings if necessary.

It is important for homebuyers to be aware of their rights and the provisions of RERA in their respective state or jurisdiction. They should maintain proper documentation of their agreements, payment receipts, and correspondence with the developer to support their claims in case of a delayed possession. If faced with a delay, it is advisable for homebuyers to seek legal advice and approach the appropriate RERA authority to assert their rights and seek appropriate remedies

 ADV LEENA KAULGEKAR


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