This page will capture various legal efforts available for the home buyers to claim relief against the builder under different legislations. Many times the selection of the legal route to claim damages against the builder depends on the relief sought by the home buyer.
THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016
Commonly known as RERA, this is one of the recent legislation enacted by our parliamentarians to ensure that problems of the home buyers can be addressed in a timely and effective manner. The RERA act has attempted to regulate an industry that has a monopoly of an unregulated supply of Black Money, corruption in the public and private sector, and blatant disregard for the terms of the Builder Buyer agreement.
At times RERA has successfully assisted the home buyers in taking the physical possession from the builder as well as seeking the refund for the whole amount when the Builder has failed to deliver the physical possession of the property as per the terms of the agreement.
Thus the home buyers can invoke the jurisdiction of the respective RERA authority and seek physical possession of their respective home OR refund of the amount paid to the Builder along with the interest as well as compensation.