In good news for home buyers across the country, the consumer commission has now set a bar on delay of projects to deliver on their committed promise or to refund money back to the investors. According to the reports National Consumer Disputes Redressal Commission (NCDRC), “It is now established that allottees have the right to ask for a refund if possession is inordinately delay, particularly beyond one year.”
The court has passed this order after a Delhi resident moved court with a plea that he had bought in 2012 and has still not been given the possession that was promised within 36 months with six months of grace period. When the builders failed to keep up with their commitments the man knocked the door of court to either give him the possession or refund the money.
To which the commission decided that the builder will have to pay compensation to the man at the rate of six percent per year on the total deposit made by the buyer. Taking it other way round it is the time when home buyers can celebrate as, Supreme Court and many other consumer courts have been repeatedly saying it again those home buyers cannot be made to wait for their own homes to be built and given possession of by the builders.