Sir you should file a compalint before the RERA authority seeking cancellation and.complete refund of amount along interest due to delay by the builder.

Or alternatively NCDRC can be approached with the same prayer for seeking cancellation and refund due to long delay and further praying for compensation for deficiency in services.

• Puneet Malhotra v. Parvsnath Developers - Consumer Complaint No. 232 OF 2014. Dated 29th January, 2015

Facts: An agreement for purchase of property dated 28.12.2007 was executed between the Mr. Puneet Malhotra, hereinafter referred to as the ‘Complainant’) and Parvsnath Developer (hereinafter referred to as the ‘Builder’), wherein the Complainant opted for down payment plan, whereby only 5% of the sale consideration remained to be paid at the time of offer of possession.

The construction was to be completed by December 2010, however the same was stopped by the Builder in July 2008 and had not been completed till the day of the decision. Aggrieved by the actions of the Builder, the Complainant approached the Commission, seeking refund of amounts paid along with an interest of 18% to 24% per annum. It was argued by the Builder that the quantum of compensation as mentioned under agreement should be the maximum compensation payable by the Builder in the prevailing circumstances, and not what the Complainant seeks.

Held: The Commission held that compensation mentioned under the Agreement shall be payable only if the possession of the property was accepted by the Complainant, despite the delay.

Compensation Paid: The Builder was ordered to refund the amount deposited by the Complainant, along with interest @ 18% per annum from the date the deposit was made till the date on which the refund was made. Since the rate of interest granted included compensation, no separate compensation or litigation costs were granted.

In my view consumer commission will be better forum to get appropriate remedy in your case.

The best recourse right now as to approach NCLT by way of insolvency petition against builder which is the fastest and most effective in case of builder-buyer dispute.

NCLT will grant you interest from the payment  till the actual realisation of the debt along with compensation for the mental harassment and agony suffered by you.

Consumer court would take the maximum time to get your money back as cases take years to be disposed off in them.

You should file application before RERA seek refund of your money paid with interest on account of inordinate delay in delivery of possession 

1. Thus is common dispute nowadays among the buyers and the developers which run into troubled waters causing inordinate delay in completion of the project.

2. Since there is a dispute going to NCLT under Insolvency Code is not a remedy which would give you any result.

3. On the contrary file case before the NCDRC and seek refund of money along with interest and damages and compensation. 

Please go to Rera

Very quick relief 

Plz claim full refund with taxes

You will also be paid interest and compensation for delay on all amounts so far paid

Interest awarded is very high ie 10.05%

Compensation is extra

Consumer forum is useless

Rera is best for faster relief

Hi, it is advisable to file a complaint under section 18  of RERA , for seeking compensation and interest over your deposited amount .. The RERA , is a fast track forum under which the order is pronounced within 2 months of filing the case as per the provisions  of act ..Since the RERA has a overriding effect , therefore the clauses of the BBA shall be overruled by RERA , under which you can seek interest at rate of 10.75 percent on the amount deposited to the builder

Once you have sent a notice communicating your decision to cancel the booking and demanded full refund with interest which was not replied nor complied by the builder you approach either RERA or consumer forum for relief and remedy.

Dear Client, 

Best and fast recovery is RERA, consumer complain is best approch for compendation but time consuming. Nclt not required at present as project is underway and no actual embazzlment of your invested amount.

Penalty will impose acc. To RERa rules. 

You are legally entitled to approach the consumer forum within stipulated time period for grant of refund and compensation etc. That apart from aforesaid remedy you are also entitled to sought your remedy under the new enactment of real estate law as well as you can prosecute the builder under various other law of land.