Highlights

  • Projects worth Rs 4.8 lakh crore either delayed or abandoned by builder
  • Consumers in Delhi-NCR facing worst fate

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Home buyers' dilemma as housing projects get stuck! What to do

Report shows over 4 lakh homes stuck/delayed by builders across major cities

Over 4 lakh homes are either delayed or unfinished by builders across seven major cities as per a report. So if you are one of the unfortunate consumers who is stuck with an unfinished home here are your options-:

Register a complaint with the authority: The first option is to file a consumer complaint with the Real Estate Regulation and Development Authority (RERA) for delayed projects. RERA permits a homebuyer a choice of seeking either interest on delayed possession or a complete refund of the money paid along with interest thereon.

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Legal recourse: Depending on the value of the property, buyers can approach the National Consumer Disputes Redressal Commission (NCDRC) -- a quasi-judicial commission set up in 1988 under the Consumer Protection Act, 1986.

Progress and EMI: Experts suggest to keep a close watch on the schedule of progress updates being provided by the builders. If there is a delay or no updates one is recommended contact RERA along with EMI payments made so far.

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