4 Things to Do When Your Home Possession is Delayed

A lot of us harbour a lifelong dream of having a house of our own. Many slave away numerous years, working relentlessly to earn enough to turn this dream to reality. However, the dream can quickly turn into a nightmare if the house possession is delayed for a long time. It can fill us with a lot of anxiety, and for good reason. Industry leaders such as Mr. Nabil Patel of DB Realty suggest that the situation maybe unfortunate, but it can be solved. There are a lot of measures in place which people can resort to in case the possession of the house is delayed. We have mentioned some of them below. Have a look:

1.       Ask for Compensation: If the builder has exceeded the stipulated time for completing the project, you have all the right to ask for compensation. As a buyer, you are entitled to the compensation and you should do it if the property has been unfinished for a long time after the stipulated finishing time. It must be noted that before entering an agreement with the buyer, make sure that the compensation clause is clearly mentioned.

2.       Get Your Share: If you have been promised a property within some months, or even years, you can claim the money spent on it to finance your current accommodation. This clause is applicable if the current building you are living in is being remodelled or you are buying a home for the first time.

3.       Refund Rights: If the services promised to you by the builder have been delayed, you are eligible to file for refunds provided that such a clause was a part of your initial agreement. In such a case, you can directly go to a civil court and file a case against the builder. However, in case a clause for refund was not a part of the agreement, there is no need to worry. You can approach a consumer court instead and consult them regarding a suitable solution.

4.       Domestic Building Contracts Act: The Domestic Building Contracts Act 1995 has several provisions in place to penalize delays. The Act states that all construction work needs to be completed within the stipulated amount of time and should be carried out in accordance with the initial plans and specifications mentioned in the contract. All supplies and material should be arranged for by the builder and once the construction is over, the house should be suitable for occupying. If these conditions are not met, you can take legal action.

The bottom line is that in case of delay of possession of a property, the buyer doesn’t need to give up all hope of ever getting their house because the law is on their side. Top industry leaders like Nabil Yusuf Patel, Director, Sales & Marketing and Business Development, DB Realty assure that the buyers can resort to the legal course in the event of delay for long periods of time. Buyers need to be careful while signing agreements and should go ahead with a property deal only of proper refund provisions are in place.