Refund from J P Associates
I have deposited the amount in Buddha circuit studio phase 1 project of Jaypee Associates, in 2013. Since then, neither they have stated the project nor refunding the money. Can I file my case in RERA?
- Answered on 02:23 PM, 28 Sep 18
The Real Estate (regulators and developers) Act, 2016 is an act that seeks to protect the interests of home buyers and, also to increase investment investments in the Real Estate sector. The RERA gives a regulation for real estate industry. With the help of RERA a lot of accountability will come into the industry and the ones who conduct their businesses with transparency and honest intentions, will reap benefits from this Act. You must hire the best RERA Lawyers in India whom will help you understand the provisions of this act more clearly. The RERA act allows home buyers to withdraw from the real estate agreements, whether or not the defaulter is at default and in that situation, the builder is obliged to refund the amount deposited to him by the buyer within a period of 90 days after the withdrawal.
When the builder is at default and has not given the possession of the property in the promised time for any reason whatsoever, the builder is liable to refund the complete amount paid to him by the buyer(s) for the property. Such refund is to be coupled with a prescribed interest rate in this matter with compensation, as well. You must hire the best RERA Advocates in India.
In your case, there has been a delay from the builder but if you are not willing to withdraw from the agreement, the builder is still liable to pay the prescribed interest till the possession is given. However, if the delay is caused due to any natural calamities then the builder is not liable to pay any interest for such delay. You must hire the best RERA Lawyers in India.