My unit booked in a project in Noida was suppose to be handed over to me in June/2018 as per the allotment letter with a 6 months grace period. But builder is keep on extending the possession date (responding to my mails) and has now stretched it to Dec/2020. I have filed a compensation case against the builder in UP RERA and hearing is in process currently. Can anyone please suggest what best compensation can I get from RERA in this regard?
You are entitle to same compensation at same rate of interest which you would have pay in case of default in payment.
Buyer cannot be made wait indefinite for possession. You can either claim with refund + interest and compensation through consumer court or interest/refund with interest on/due to delay possession through RERA but no compensation for mental agony faced by you.
compensation would be as per the State Bank of India highest Marginal Cost of Lending Rate plus two percent.
See you can get compensation for delay that is interest on paid amount at the rate of around 10 percent also you can seek relief of cancellation if you wish to do same.
The compensation will be as per previous judgements. You can get either possession and delay compensation at the rate of approx 9% pa on the paid money OR recovery of paid money with interest at the rate of 9% pa. You may get some compensation in addition but nothing more.
Regards
Gopender
Please sure builder buyer agreement in this regard which must have included a penalty clause for delay position your penalty amount may be calculated based on your registration including the six month period.
please wait till you receive any I think that this compensation amount will be more than 20 lakh rupees then you can also file a complaint petition in state consumer dispute redressal Commission for the claim against the Builder if this amount is less than 20 lakh Rupees then you can move your complaint to the consumer forum in Noida
- As per law, If you will cancel the booking , due to any fault of builder, such as, delay in delivery etc , then you have right to get entire amount along with compensation back from the builder.
- As per RERA, if builder is unable to give possession as per agreement , then the builder is liable to pay interest including 10 % compensation , and there is no separate compensation awarded to the buyer the interest component includes compensation.
- Further , In case buyer opts for possession then if there is delay in possession then the buyer will get interest of delay.
a builder will have to pay 10% interest on the value of the property for delayed possession of flats. RERA was enacted with the intention to prevent exploitation of buyers, safeguard their interests and provide stricter punishment for builders delaying possession of the property
The compensation for the delay in possession would have been mentioned in the sale agreement itself.
However the amount mentioned in the agreement would be very less when compared to that of the same as prescribed in the RERA act.
According to this Act, a builder will have to pay 10% interest on the value of the property for delayed possession of flats.
RERA was enacted with the intention to prevent exploitation of buyers, safeguard their interests and provide stricter punishment for builders delaying possession of the property.
In addition to RERA, the Domestic Building Contracts Act, 1995(4) also aims to protect the interests of property buyers in case of delay in possession. Some of the provisions of this Act are:
Builders who caused a delay in possession can no longer exploit the purchasers as buyers have numerous remedies against the injustice done towards them.
You can get compensation in both rera or consumer courr.
Compensation will be according to your investment in the property.
Generally compensation will be depends on delay period and lost in investment opportunities.
For the period of delay(from Jan 2019 till the actual date of possession), you will be compensated with delayed interest @ SBI MCLR(8.45%) + 1%.
I got the order from UP RERA on delayed possession of my unit from the builder. The compensation has to be adjusted on actual possession of the unit by the builder. I have asked builder over mail to confirm me that adjustment will be done at the time of possession/final demand as per RERA orders but no response came back since around 2 months. The actual possession will take over 6 months more, so I just have to wait for that or anything else can be done as well?
You have to wait till you get actual possession of flat compensation would be adjusted as per RERA orders
What is the need of confirmation. If not appeal filed, RERA order is biding on builder. If builder violates order, complain back to RERA.
See you wait till date of actual possession in case he fails on same you can file for execution of the order.
Why do you have to ask the builder about it.
You may issue a legal notice mentioning the orders passed by RERA in this regard and instruct him to adjust the compensation amount on the demand made during the actual possession time and have a record of this correspondence so that in case the builder is reluctant or denying the same at that stage you may be able to initiate legal action as per law based on this documentary evidence besides other facts.
Wait till you get actual possession. in case if builder failed to adjust or deny then you can file EP before same court.
Yes you need to wait in case there is not just ment as per the order of the day rera the you can go to rera again for the execution of order.
You can go for execution of that order
If you are aggrieved by the order passed by the RERA Authority, challenge the same before the Appellate Tribunal. If you are satisfied with it, you have no option but to wait. It is only when the builder fails to acknowledge this order after 6 months, you will have a remedy with you to approach RERA with an execution application.