Is timely possession of the property still a dream or the tables have turned?

Is timely possession of the property still a dream or the tables have turned?

It won’t be wrong to say that there has been a drastic improvement in the possession rates of the residential and corporate units since the introduction of the RERA Act. The Real Estate Regulatory Authority Act, which was introduced on May 1, 2017, has been very effective in making the real estate builders careful about meeting project completion timeline.

Earlier,  there had been many instances where builders troubled the buyers with unnecessary delays in possessions as there were no strict policies at the place. The introduction of new reforms and stringent policies under RERA Act has not only saved the buyers from unnecessary delays but also brought credibility and transparency among potential buyers. Thus, the builder is now accountable for his deeds and has to pay the penalty if he doesn’t meet the criteria mentioned in the forms. A builder also may have to give the full refund in case of default and delays as per the several terms and conditions. So, we can say that there are now no unnecessary and vague reasons for the delay in possession. There may be certain genuine reasons like pandemics, and emergency situations, etc, which can make the property possession delayed. 

As per the RERA rules:

  1. The builder has to give a certain rate of interest in case of default. Yes, if the buyer neither wants to withdraw from the project and nor wants to claim the refund, the builder is entitled to pay the rate of interest every month for delay till possession
  2. A builder has to give a written affidavit covering all the important points
  3. A different account has to be maintained for construction purposes, which means that the amount given by a buyer can’t be used for any other purpose except the construction and maintenance. 

 

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