Investing money in your dream house and not getting possession on time is the worst nightmare of all and may end up in paying EMI’s on home loan along with accommodation expenses.
Majority of home buyers in today’s world don’t fall under the one shot payment category. Most of them belong to the Home loan category with rented arrangements. In such situation, when you start your dream house project on home loan with numerous EMIs and waiting eagerly for the possession, the only black hole in the dream can be the delayed property possession.
You don’t get the house, and above all paying monthly EMIs along with your accommodation expenses. So, is waiting will be all you are going to do for this?
Well, we have the three right and lawful steps for you which can minimize your loss up to 0%. Let us take a look into your legal rights as a consumer:
First Step – Claim Refund
As a consumer, you have full rights to claim for a refund, in case the developer/builder does not provide you with the possession of your property on the estimated time.
Second Step – Warning Alarm
Now, when refund procedure doesn’t work, it’s time to do it the hard way – A legal action. But before taking any legal step we should give the opposite party a last chance by sending a legal notice to them. After this notice, the culprit will have a final chance to correct the mistakes done and in this way you can save a lot of time and money by preventing court procedures.
Third step – Legal Actions
When asking for refund and warning doesn’t work you need to go for the third step – taking legal action against the builder/developer in focus.
Victim can lodge a written complaint in the consumer dispute redressal commission under the Consumer Protection Act 1986.The complaint can be submitted under the following three levels:
- District Consumer Disputes Redressal Forum for Disputes of less than 20 lakhs.
- State Consumer Disputes Redressal Commission for Disputes of over 20 lakhs.
- National Consumer Disputes Redressal Commission for Disputes of over 1 crore.
Above all, ‘Precaution is better than cure’. It would be better to stay careful in selecting the developers or builders for your dream house project. Also one should be updated with the related laws and regulations before entering into any such scenario. Be safe and act smart with your legal rights.
For more updates on latest laws and regulations contact our legal experts at multiflats.com – Where stress is divided and your happiness is multiplied!