What Should Buyers do if Their Real Estate Project is Delayed or Postponed?

This is the story of many households that stay or slow down in India.

According to data released by a Property Consultants released last year, slower and worse, abandoned entire housing projects (from 2014 or earlier) continued to cause catastrophic damage to Indian housing.

A slow project is a project that has no construction, and a slow project is a project that does not succeed.

The total value of 174,000 households in the top seven cities now exceeds Rs 1,40,613 crore. More than 65% of these units are worth less than Rs 80 million. The largest number of households are in the metropolitan area (113,860), followed by the Mumbai region (41,720).

Homebuyers are stucked and If the market strategy against the builder has not yet begun. Here's what homebuyers can do:

The first option is to lodge a consumer complaint with the Regulatory and Development Authority (RDA) regarding the delay.

"It will help to recover the money or get the builders to complete the project faster. Sonam Chandwani, Director of KS said, "He is always there for the architects to buy Delays in the works for various reasons such as only financial burdens, labour issues, etc. and all of these create problems for homeowners because they are paying loans to EMI.

“Law and Associates.

Homebuyers are also entitled to deferred payment. They are entitled to monthly deferred interest on the membership at the rates indicated in the RERA.

The Supreme Court of India has ruled that while Section 79 of the RERA prohibits public courts from adjudicating, the National Consumer Dispute Redress Commission, a panel of judges, was established in 1988 under the Act on consumer protection 1986, I made it clear that this was applicable. meetings. File a complaint against the developer.

"However, it will be faster to go to the police under RERA and be able to provide general assistance depending on the particular situation," said DSK Legal Partner Mitali Naik.

EMI payments shall be in loop_

The Delhi High Court recently ordered the bank to request financial institutions (India) to recover the creditworthiness of home buyers who have stopped paying EMI (equivalent to one month) for incomplete or delayed work. In this particular case, the court rescued about 1,200 homebuyers who were stuck on suspensions or incomplete.

But experts are warning homebuyers about the decision not to waive EMI payments.

Is selling the property an advanced option_

One problem that arises with procrastination is the loss of money. So finding a way out will make sense. But finding customers is not easy.

“Because delays often drive the cost of assets. Most delays are also slowed down by other underlying projects. Delays have other problems. For example, these jobs have poor quality housing in large housing estates, which is of concern to residents and other buyers.

Mirroring the losing side_

If the project is slow, homebuyers miss the time and effort needed to reach project completion.

Additionally, you will need to earn money to pay for your lawyer's fees.

To avoid further losses, homebuyers need to be cautious. If the project is slow, you should take immediate action and ask the developer for a new development.