In such a situation, not the builder but the home buyers suffer a double loss. Their money gets stuck and they don’t even get possession of the house. In such a case, instead of giving them a house (flat) or money, the builder only makes promises. So if this happens to you too, you don’t need to rely on the builder’s assurance or sit back. The Real Estate (Regulation and Development) Act, 2016 was enacted in 2016 to remove the existing anomalies in real estate. Under this Real Estate Regulatory Authority or RERA was established. The provisions of this Act are very beneficial for you to get your money back.
Keep these things in mind while buying a property, you will not regret it later
Get your money back like this
A home buyer has several options if the project you purchased is stalled. Such a buyer can file a complaint with RERA, a government agency of his state. As per law, RERA has to dispose of the complaint within 60 days. And if an order is passed by RERA on the complaint, the builder is bound to implement it within 45 days.
Build your dream home at low cost! If you avoid these things, you will save millions
Also, if home buyers do not want to invest more in a stuck project and instead want returns, RERA rules will be beneficial for them. That is, you booked a flat by paying money in some project, but you did not get the house on time due to stalling of the project. Now if you change your mind and you don’t want to buy a house and you want your money back, you can get your principal amount back with interest.
If you don’t get possession of the property, knock on RERA’s door
RERA norms also help home buyers to get possession of flats. Home buyers can approach RERA to get possession of the plot, apartment or common area as per their sale agreement. Besides, if there is any structural defect in the property within five years of possession, the builder has to repair it within 30 days without any extra charges. If the builder doesn’t do it, the home buyer can knock on RERA’s door.