You may claim damages for substitute housing and interest on the payment made If your flat possession is postponed

To Buy a home is a big choice. People put the well-deserved cash into buying a house and when we dont get the ownership on time in such circumstances the flat buyer can case a consumer complaint for shortage in service as defined under the CPA that is the Consumer Protection Act. 1986 against the builder. it is necessary to file a written complaint before the suitable consumer redressal forum set up under the Act.

Many of the builders never give the flat ownership on moment so if the builder delay it by even a day, the home buyer should state for his losses. The delay in possession can be due to various cause such as awaiting municipal approvals or some dispute that is argument or disagreement. Or if property prices are increasing so that the developer may not give possession in the hope of making buyers to pay more even if the contract has been signed at older rates. This will not reveal in the sale contract.

Postponement can also occur if the developer is out of money or the bank is not set to finance his plan.

Damages can be organize into 2 broad heads that is the Indirect losses and direct losses. Direct loss is the cash lost due to the holdup in in receipt of house possession. Indirect losses cannot be count and frequently arise out of trauma.

The developer had stopped the building and you are certain the flat won't be finished.you can know this by visiting the site.Suppose the people have taken an action it shows that the developer is in problem and difficulty the Flat Purchaser can declare for the money necessary to purchase an another housing at the continuing market value of the relevant spot.

Under the Maharashtra Ownership of Flats Act, 1963 the developer is accountable to repay the total received  with 9 percent simple interest. If your builder delays the possession, you can claim interest on the payment made till date.

The interest can variety between nine and Eighteen  percent. Also the interest is owed only on the amount that be proven as paid to the developer.

The Indirect loss we can claimed by you if you have undergo and can prove it. For a good example like if you was suppose  to get a flat ownership before marriage and getting the ownership of your house  it was delayed than on this situation your marriage has been called off or you can even say you are about to give up work from your job and have to leave the quarters on retirement. But the house ownership you didn’t get Such instance will meet the requirements for indirect losses, not necessarily financial losses.

1 can fight the case in a consumer court without appointing a lawyer, if the proof is well-built and can be proven.

Newer Post Older Post