Status as on 15/10/2019
Every one of us dreams of a place that we can call home. We work day and night to pay for buying property or house in the best possible projects and locations. Time and again these dreams and hopes of thousands of homebuyers have been broken by builders and developers all over the country.
So, now the question that arises is what remedy an aggrieved homebuyer has?
The Indian Legislature implemented the Real Estate Regulation and Development Act in the year 2016 which was above and beyond the already exciting Consumer Protection Act. RERA Act brought in an altogether different legal regime and brought specific reliefs concerning homebuyers. One such remedy is that of claiming interest.
REMEDY OF INTEREST UNDER RERA
The most common grievance among almost all the homebuyers is that of delayed possession which simply means the property could not be constructed as per the promised date is given by the builder/developer.
RERA Act under the ambit of Section-18 empowers the aggrieved homebuyers to claim interest on the money paid for the period possession is delayed. This ensures that a homebuyer is compensated for the amount he or she has paid for the period the property cannot be handed over.
The other question that you as homebuyer may have is the rate of interest that you can claim. The answer to this question lies in the respective RERA State rules. Every State has specific RERA Rules which prescribe the rate of interest in case of delayed possession. Though generally, the rate of interest in all states is more or less between 9-10 percent.
Now, this rate of interest to which every aggrieved homebuyer is entitled to is an absolute right which can be exercised by the homebuyers by approaching the respective RERA Authorities through the means of a formal complaint.
This is something which every aggrieved homebuyer out there should ask for because your money has been misused by the builders for years and now is the time to claim that interest on the paid money. So, don’t keep sleeping on your rights as homebuyers because the newly implemented RERA is here to empower you and before time runs out to go grab your rights because why let these errant developers enjoy your hard-earned money for free.
Disclaimer – Please note that the above articles are based on the interpretation of related laws and judicial pronouncement which may differ from person to person. The reader is expected to take the expert opinion on the matter.