How can one handle construction delays?

By Jay Dee Infra In Real Estate Info No comments

How can one handle construction delays?

One of the biggest grouses that buyers have with their developers is the unscheduled delays in the construction and possession of their apartment.

Delays in construction of residential projects are common in India and this fact has to be well understood before buying any ongoing project, where the construction is still in progress.

The buyer investing in such a project should be ready to face the risks. We bring you a few solutions which will help you in case of a construction delay:

1) Before investing in an under construction property, it is advisable to ask for the construction schedule from a builder. This is especially important as developers have to give construction progress reports to claim payments for construction-linked property bookings.

2) In the Indian realty scenario, most home buyers take a delay of 6-12 months as granted and many property developers even include a grace period of a few months in their agreement with buyers.

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3) If a project is delayed beyond the period stipulated in the agreement, the buyer has an option of asking for a refund from the builder.

4) If the developer is a member of CREDAI and in case he is not obliging you with information or the refund amount, the grievance can be taken up with the CREDAI Chapter in the city. The Customer Redressal Forum will find a solution. You can file a complaint online by visiting the link: http://www.credai.org/complaint/register-your-complaint/add

5) As a last course of action, the buyer can file a case in the consumer disputes redressal commissions at the district, state and national levels.

Any dispute over a property which is less than INR 20 lakhs can be taken up before the District Commission.

Disputes for amounts between INR 20 lakh to INR 1 crore can be taken to the State Commission and any dispute over INR 1 crore can be filed before the National Commission in New Delhi.

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