National Consumer Disputes Redressal Commission (NCDRC) has upheld the interest of homebuyers in a recent verdict that would require developers to compensate their buyers for delay in possession of their entire apartment.
In a verdict that brings much relief to aggrieved homebuyers, the National Consumer Disputes Redressal Commission (NCDRC) has held that homebuyers must be compensated by developers if the possession of an apartment is delayed. Developers offering possession of an incomplete unit do not pardon them from the verdict of the Consumer Court.
The court further stated that a consumer who has paid in full must have the possession of the finished unit as per the designated timeline. The ruling came after a consumer, Vikas Mittal, complained against DLF Home Developers to seek redressal for a 5-year long delay on the actual possession of his apartment.
The court directed the developer to compensate the homebuyer at six percent per annum within six weeks of the order, from the time of delay to physical possession of the unit. Delay in paying the compensation would further attract an interest of nine percent per annum from the builder.
The verdict will help generate confidence among homebuyers, who often succumb to incorrect ways of developers to avoid a legal route. It will motivate developers to fast-track their projects and adhere to timelines as per the Buyer’s Agreement drawn between the builder and buyer at the time of allotment.
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