Delay in handover of flat
I had booked a flat in apartment complex consisting of seven blocks, with each block having nine floor. The project is located in Bangalore.
As per the construction Agreement, the flat was supposed to be handed over to me by Nov 2015, with an additional grace period of 6 months. After 6 months grace period the builder agrees to pay Rs 5 per sq. ft.
As can be seen, the project is beyond schedule, and even after expire of grace period, I have not got possession of the flat. The builder had made multiple promise to finish the project and handover the flat. The last committed date was in Dec 2016.
I have paid near about 80% of the cost, and I have bank loan too.
Timeline of the activities
Feb 2013 --> Booking of the apartment, and signing of construction agreement
Feb 2016 --> Last payment done, towards the internal plastering work.
I feel that, due to this delay, I have suffered both financial loss, & mental suffering.
1. What options do I have
2. What is the legal meaning of possession of flat, since the builder will take several more months to finish the entire project, and there is no clarity on when builder can provide the occupation certificate. Note: OC is a requirement under the Karnataka Apartment Ownership Act, 1972.
Asked 8 years ago in Property Law
Religion: Hindu