In the present scenario, the huge number of complaints are coming across, wherein the money of the innocent home buyers is stuck with the abandoned or stalled projects.
The most common issue which the home-buyers have been facing that the due date of possession has already been elapsed as per builder-buyer agreement and payment of almost all the money have been made but still the chances of getting possession of their dream house seems bleak in future by virtue of the non-construction of the building where they have parked their funds with all the trust.
In such circumstances, the buyer who have invested their entire hard earned money in the project stands nowhere. At this juncture, the buyers have left with no option except to file their grievances to seek the relief.
After the implementation of the RERA laws, there are now specific provisions for filing the complaint and as per Section 31 the buyer has a right to file the complaint against the builder before the concerned authority of the State.
What are the remedies for home buyers under RERA?
Since, the enactment of the Real Estate (Regulation and Development) Act, 2016, the scenario has drastically been changed. The RERA Act, 2016 has come into force to provide the relief to the innocent buyers and better transparency in the Real Estate sector and if any home-buyer is aggrieved because of the non-performance of the any of obligation by the builder (e.g. no construction on site) then in such cases measures are given in RERA Act, discussed as below:
➢ Section 18 of the Act explicitly says if the builder fails to complete or is unable to give possession of an apartment/plot/flat as per terms and conditions of the agreement already executed between parties, builder shall be liable to refund the money of the buyer along with interest.
➢ The buyer is also eligible for compensation for mental harassment suffered by the buyer caused to the act of the fraudulent builder.
Conclusion: By all above we can reach to the outcome that in such cases where the money has been gulped by the builder and no construction activity is being carried out, the RERA Authority is the right door to knock for the justice as it was specifically enacted with the sole motive to safeguard the interest of the home-buyers.
Disclaimer – Please note that the above articles is based on the interpretation of related laws and judicial pronouncement which may differ from person to person. The reader are expected to take the expert opinion on the matter.