Real estate (regulation & development) act, 2016 (RERA) came as a sigh of relief for the homebuyers (Financial creditors), providing them with adequate relief unlike available conventional remedies under civil and consumer laws
Homebuyer filed appeal before P & H High court against order Haryana RERA Tribunal which held that RERA authority does’t power to grant refund under RERA.
The RERA ordered the builder to refund the entire principal amount along with interest of 15% per annum to be compounded quarterly from the dates of deposit to the date of refund should be refunded in three instalments by the company
The delay in projects got converted from months to years shattering the dream of owning a home of many homebuyers. A detailed article on how to get refund from the builders under RERA.