1) Various consumer dispute Redressal agencies(National Commission, State Commission& District Forum) have been awarding compensation to buyers for delayed possession of flats.
2) Any agreement where in the terms of contract are such that
a) The builder charges compound interest @ 18% per annum in the event of the delay on the part of the buyer in making payment to him
b) the builder opting to pay Rs7per square feet per month for delayed possession of flat
is wholly one sided, unfair and Unreasonable and hence it constitutes unfair trade practice within the meaning of Section 2(r) of the Consumer Protection Act, 1986.
3) Before approaching the court,we should also be conscious of the fact that the compensation is normally based on the following factors:
3A.) In disputes wherein the buyer wants to opt out of the contract and want a full refund of their money, the consumer courts normally grant a higher percentage of interest (18%)
3B) In disputes wherein the buyer wants the speedy completion of project and the possession of the property thereof, the courts issues orders directing the builder for early completion and possession of the property and in such cases depending on nature of agreement, may also order the builder to pay bank interest as prevalent on the date of contract.
3c) In some cases depending on the nature of grievance, the courts also issue orders to the builder to reimburse the costs of alternative accommodation costs so incurred by the buyer.
4) So in your case, since you have got possession, the consumer courts may be inclined to
4a) Award a compensation equivalent to bank rate of interest that is being paid by a Nationalised bank on their 3 year Fixed deposit and
4b) Courts may also issue orders Reimbursement of Alternative accommodation costs (subject to you providing receipts and payment details of the same).
Hope this helps.