Rashmi
Quick Summary
If you are a homebuyer in India and your house is stuck in a delayed real estate project, here are some actions you can take: 1. File a complaint with RERA The Real Estate (Regulation and Development) Authority (RERA) is a law that helps protect homebuyers in India. If a homebuyer has paid mon
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
RERA (Real Estate Regulation and Development Authority) protects homebuyers. If possession is delayed, you can ask the developer for interest on the amount paid or a full refund with interest. RERA can also penalise developers for delays.
You can initiate legal action by approaching a civil court or a consumer court. It is advisable to consult a lawyer before proceeding with any legal action.
For properties up to Rs. 20 lakh, file with the District Commission. For Rs. 20 lakh to Rs. 1 crore, approach the State Commission. For properties over Rs. 1 crore, file with the National Commission.
Homebuyers can file a petition with the National Company Law Tribunal (NCLT) to initiate insolvency proceedings if the total default amount by the real estate company is over Rs. 1 crore, and they cannot file cases individually.
The SWAMIH Scheme (Special Window for Affordable and Middle-Income Housing) was introduced by the Central Government to provide funding for stalled housing projects due to lack of funds, though it has strict qualifying conditions.
Homebuyers can form an association with others facing similar issues to increase bargaining power, reach out to the developer to negotiate a solution, or seek assistance from the government via grievance redressal portals.
CAclubindia
