Builders to refund money with interest if delay of more than 1 year in handing over flats

May 17: There are many persons who after booking flats have to run after builders year after year to get possession. Ushering in relief to the flat buyers, the National Consumer Disputes Redressal Commission (NCDRC) stated that home buyers can now claim refund from builders, if the project is delayed beyond a period of one year.

On Thursday, NCDRC in its order stated that in case of more than one year delay in handing over possession the builder will have to refund the entire amount with 10 percent interest. It needs mention here that though the Supreme Court and various consumer courts have been voicing concern for the harassment suffered by the flat buyers over inordinate delay in handing over possession, till date there was no clear time period of seeking redressal.

NCDRC in its order stated that, ‘It is now established that allottees have the right to ask for a refund if possession is inordinately delayed, particularly beyond one year.’ So flat buyers can now assert their right and get back their hard-earned money along with interest from the builders in case of inordinate delay in giving them the possession of their dream house.