Delay in Project Completion? What can a Home Buyer do?
Jun 26, 2019 Real Estate News
Delay in the completion of projects is nothing new in the real estate sector of the country. There can be many reasons for the project getting delayed. From the developer running out of funds to the delay in permission from the government authorities, but in the end, it is the home buyer who suffers the most.
Delay in project completions affects the home buyers financially and mentally. The pressure to pay the monthly EMI and rent for years without the completion insight puts a home buyer under undue influence. There are many cases, even from the reputed builders like Jaypee, Unitech etc. that is with the Supreme Court, waiting to be resolved. The homebuyers have been waiting patiently for more than two years for their grievances regarding the delay in project completion to be resolved.
What can a home buyer do under such circumstances? We discuss them here:
1. Make a proper plan:
Deciding in a rush, without giving it a proper thought can increase more problems for you. As a home buyer, you can approach the developer and ask them about the delay and then take the decision for the future. Either you can ask for refund, or you can wait till the project is completed.
2. When to ask for a refund?
Let’s take this, for example; the Amrapali Group had various successful projects in the past. Famous Cricketer Ms Dhoni is their brand ambassador who is also suing them for Rs 150 crore for the monetary losses. In such a case, there is no respite for the home buyers for the project. The projects are delayed and seeking a refund and investing it in the ready to move in home is a good option.
If the projects are delayed for a long time, the home buyers stop paying the EMI out of the frustration. In such a case, the builder can be dragged for insolvency. The home buyer cannot be charged for anything illegal here. In various SC rulings, it has been made clear that the banks cannot take adverse action against the buyer who is a victim of long delays.
3. When to wait for the delay?
In case, there is a delay in the project completion, but the project is almost near the completion, it is better to wait. If the developer is reputed, then they will be able to pull out from the situation and deliver the project even though it has been delayed. Existing the project at this point is not advisable as you have already put a lot of time, effort and money. Ti is better to wait some more for the project to be delivered.
Delay in project completions affects the home buyers financially and mentally. The pressure to pay the monthly EMI and rent for years without the completion insight puts a home buyer under undue influence. There are many cases, even from the reputed builders like Jaypee, Unitech etc. that is with the Supreme Court, waiting to be resolved. The homebuyers have been waiting patiently for more than two years for their grievances regarding the delay in project completion to be resolved.
What can a home buyer do under such circumstances? We discuss them here:
1. Make a proper plan:
Deciding in a rush, without giving it a proper thought can increase more problems for you. As a home buyer, you can approach the developer and ask them about the delay and then take the decision for the future. Either you can ask for refund, or you can wait till the project is completed.
2. When to ask for a refund?
Let’s take this, for example; the Amrapali Group had various successful projects in the past. Famous Cricketer Ms Dhoni is their brand ambassador who is also suing them for Rs 150 crore for the monetary losses. In such a case, there is no respite for the home buyers for the project. The projects are delayed and seeking a refund and investing it in the ready to move in home is a good option.
If the projects are delayed for a long time, the home buyers stop paying the EMI out of the frustration. In such a case, the builder can be dragged for insolvency. The home buyer cannot be charged for anything illegal here. In various SC rulings, it has been made clear that the banks cannot take adverse action against the buyer who is a victim of long delays.
3. When to wait for the delay?
In case, there is a delay in the project completion, but the project is almost near the completion, it is better to wait. If the developer is reputed, then they will be able to pull out from the situation and deliver the project even though it has been delayed. Existing the project at this point is not advisable as you have already put a lot of time, effort and money. Ti is better to wait some more for the project to be delivered.
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