How To Deal With Your Builder If Residential Property Project Is Delayed
Have you already invested on your dream property in India, but yet to receive it? Well, it’s annoying and depressing to have delayed residential property project in India when you have already made the investment. You are not the only homebuyer facing the problem. It’s a common issue faced by property buyers in India and this is the reason why real estate developers are most likely to be in the news.
There might be thousands of reasons that the real estate developer in India might cite regarding the postponement in property construction. So, when builders in India are not selling the residential flats as promised, the real estate developers are either busy in some other activities or sponsoring events. So, instead of running away from the situation in anguish, what should you do?
Check and recheck all the points in the agreement before giving the final signature on the dotted line. This will save you from potential problems in future.
When the project is under construction, solicit project plan, construction schedule, approval drawings, etc. Make sure that your potential property is not build on a disputed or unclaimed land.
Give a written complaint to the builder, reminding him of the possession date and insisting on prompt delivery. Follow it with a subsequent letter, if the first one does not get any response. Send the letters through registered post or get it acknowledge by the receiver.
If there is indefinite setback, you can move out and ask the builder to relocate you to a ready-to-move-in apartment. In case he refrains from doing the same, you can approach the court.
Engage an experienced lawyer and send legal notices demanding instant possession. Also, state the consequences of failure from the opponent. Send another notice if the first one does not produce any effect. The lawyer must intimate about the cancellation of agreement, compensation for loss, refund of the entire amount and mental harassment through the letter.
If your residential project has been repeatedly delayed and extended well beyond the date of possession, you can lodge a consumer complaint against the property builder and claim refund with interest.
Know your rules well and keep all your papers handy. You should be well-versed in the agreements, receipts and terms and conditions.
Often, property builders are highly-reputed and have a dominant position in the market. This gives him undue advantage to add to your misfortune. He might also try to settle the matter vehemently. File a civil suit against the real estate developer.
Get in touch with other buyers of the same project and form an action group under the Consumer Protection Act. United, you can take thoughtful steps in getting the issues resolved.
It’s not difficult to come by stories that explain the buyers’ anguish due to sluggish sales, rising debt, impediment in approval and delay in construction. The above steps can come to the rescue of homebuyers.