Dealing with delayed property possession ?
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Dealing with delayed property possession ?

By siliconindia   |   Thursday, July 3, 2014


Bangalore : High demand of property, cut down in interest rates and trouble free registration process are attracting the more buyers for their dream home investment. Now a day, the demand of Real estate is mounting day by day and this is one of the blossoming industries. There are many developers who will attract the buyers by promising a list of amenities. But there are also some buyers who will delay in processing of Apartments. Buying a home is a big decision in your life. Most of them were investing their earned money for their dream home. If you don't get the possession on time what is the situation? Now a day, delay in delivery of possession in an apartment or building is one of the most commonly faced problems. By this problem all the plans are being crashed like if you are staying in a rented home or paying EMI for the loan, again you need to pay rent and EMI. Be cautious while dealing possession property. Here are some legal remedies for delayed property possession: => If the property builder fails to complete the project within a stipulated time. You are allowed to ask for a refund from the builder. => If you are buying a property for your personal use, you have a right to case a file in the consumer court at all three levels that is district, state and national. It depends on the value of the property or amount of damage you suffered. Any controversy over 20 lakhs can be filed at the state commission (means in your state), Any controversy over 1 crore can be filed at the national commission in New Delhi and any controversy lower than 20 lakhs has to be filed at the District commission( means in your district). => There are also some special requirements in some states. In this through our state ownership act we can get back the money with interest from the builder if he is unable to justify delaying possession of his project. => There are also some additional provisions such as The Domestic Building Contract Act 1995 stated that the builder fails to complete the work as per the agreements. As per the law you are entitled to take a severe action for delay in the project. =>Please remember that while taking any action it is advisable to send a legal notice to the opposite person this gives a chance to respond. Once the builder receives legal notice he must take action for solving your problem. From this you can save the time and other expenses.

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