If in case a possession is delayed, buyer/consumer can resort to numerous provisions under India’s civil, criminal and consumer laws, to take action against the developer. An individual invests his/her lifetime of earnings and savings while investing in any property. When a real estate owner causes an invariable amount of delay in handing over the possession to the buyer/consumer, it not only delays his future thought process but even causes an emotional toll on the consumer/buyer, which cannot be compensated with any amount of damage. However, our laws are very well equipped in such property delayed cases. “One can claim refund or the possession of property from the builder”. A. What is Delayed Property Possession? When a buyer invests in an immovable property, he/she signs a builder-buyer agreement with the seller. The agreement has a clause where both the parties agree on a common date for handing over the possession of the property. It also has a time-period extension clause which gives some leverage to the builder. If the builder fails to hand over the property in question even after the extension of the mentioned time, it amounts to “delayed possession of the property”. The action of the buyer is limited, only if the delay is caused due to the negligence of the builder. If the delay is caused due to any act of god or any such circumstances which are beyond human control, then the buyer cannot claim the compensation/refund.
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