Buying a property is one of the most significant investments you will make in your lifetime. However, it can be incredibly frustrating and stressful if the project you’re investing in faces excessive delays. If you are a buyer in India dealing with such a situation, here are some steps you can take to protect your interests and potentially expedite the process.
See also: Is your property possession delayed? Here’s what you can do
Understand your rights
Before taking any action, it’s essential to understand your rights as a buyer. The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to protect home buyers and ensure transparency in the real estate sector. Under RERA, developers are required to register their projects and adhere to the stipulated timelines. If there are delays, buyers have the right to seek compensation.
Review the agreement
Go through your sale agreement carefully. The agreement should include a clause detailing the timeline for project completion and the consequences of delays. Check for any force majeure clauses that might allow the developer more time due to unforeseeable circumstances like natural disasters or legal issues.
Communicate with the developer
Initiate a conversation with the developer to understand the reasons behind the delay. Sometimes, delays can occur due to genuine reasons like regulatory approvals or financial issues. Maintaining open communication can help you stay updated on the project’s status and any revised timelines.
Form a group with other buyers
If you’re not alone in facing delays, consider forming a group with other affected buyers. A collective approach can be more effective in dealing with developers. Together, you can share information, strategies, and even legal costs if you decide to take further action.
File a complaint with RERA
If the developer is not providing satisfactory answers or compensation, you can file a complaint with the RERA authority in your state. RERA has the power to penalise developers and order them to compensate buyers for delays. Make sure to keep all your documents, correspondence, and evidence organised when filing a complaint.
Seek legal advice
Consult a lawyer who specialises in real estate matters. They can provide you with personalised advice based on your situation and help you understand the best course of action. Legal proceedings can be lengthy and costly, but in some cases, they might be necessary to get the compensation you deserve.
Consider alternative dispute resolution
Alternative Dispute Resolution (ADR) methods like arbitration or mediation can be faster and more cost-effective than going to court. These methods involve a neutral third party who helps the buyer and developer reach a mutually agreeable solution.
Explore refund options
If the delay is unacceptable and you no longer wish to proceed with the purchase, you can request a refund from the developer. Under RERA, buyers are entitled to a full refund along with interest if the developer fails to complete the project on time. However, this process can be lengthy, so be prepared for potential delays in getting your money back.
Monitor the project’s progress
Keep a close eye on the project’s progress. Visit the site regularly and stay in touch with the developer for updates. This will help you understand if there are any genuine efforts being made to complete the project or if further delays are likely.
Stay informed
Stay informed about your rights and the latest developments in real estate regulations. Join online forums, attend real estate seminars, and network with other buyers to stay updated. Being well-informed can help you make better decisions and take timely actions.
Dealing with project delays can be challenging, but understanding your rights and taking proactive steps can help you navigate the situation more effectively. Remember, the law is on your side, and there are several avenues you can explore to seek justice and protect your investment. Stay patient, stay informed, and don’t hesitate to seek professional help when needed.
FAQs
What legal recourse do I have if my real estate project is delayed in India?
If your real estate project is delayed, you can file a complaint with the RERA authority in your state. RERA can penalise developers and order compensation for buyers. You may also consider seeking legal advice to explore other options like arbitration or court proceedings.
Can I get a refund if my real estate project is excessively delayed?
Yes, under RERA, you are entitled to a full refund with interest if the developer fails to complete the project on time. You can request a refund directly from the developer, and if they refuse, you can file a complaint with RERA.
How can I stay updated on the progress of my delayed real estate project?
Regularly visit the project site, maintain open communication with the developer, and join online forums or groups with other buyers. Staying informed will help you understand the reasons for delays and the expected completion timeline.
What should I look for in my sale agreement regarding project delays?
Your sale agreement should include a timeline for project completion and details of penalties or compensation for delays. Look for any force majeure clauses that might allow the developer more time due to unforeseeable circumstances.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
