By Admin 
RERA Rules for Delayed Possession: Buying a home is the biggest investment of life for most Indians. But when the builder does not give possession of the flat on time, then the problems of the buyers increase manifold. On one hand, home loan EMI has to be paid, on the other hand, rent expenses also continue. In such a situation, the question arises that if the builder does not fulfill the promise, what can the buyer do?
Lakhs of buyers across the country are worried
The problem of delayed possession is not new in the real estate sector. According to the report, there are lakhs of houses across the country whose construction is either stuck or is running several years behind schedule. In many projects, buyers have had to wait for an additional 3 to 4 years, which has completely affected their financial plans.
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RERA gives two big rights
If the builder does not give possession of the flat on time, the buyer has two major options. First, he can exit the project and demand his entire amount back along with interest. Second, he can continue in the project and demand interest or compensation for the period of delay. The Real Estate (Regulation and Development) Act i.e. RERA has given these legal rights to the buyers.
When should one complain to RERA?
Experts say that buyers should not wait for repeated extensions. If the possession date mentioned in the agreement has passed and the builder is not giving any reliable deadline, then a complaint can be lodged with RERA. In many cases, RERA has ruled in favor of buyers and ordered builders to pay interest or refund.
Can I stop paying EMI?
No. The agreements made with the builder and the bank are different. Even if the builder has not given the flat, the bank will have to pay the EMI on time. Stopping EMI may result in penalty, bad credit score and legal action.
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Burden of both rent and EMI
The biggest impact of delay in flats falls on those families who are paying both rent and EMI simultaneously. Due to this, the monthly budget gets disturbed, savings reduce and sometimes people have to stop their investment plans. In some cases, tax benefits may also be affected, which further increases the financial burden.
Which documents should be kept safely?
Buyers should preserve the allotment letter, sale agreement, payment receipts, bank statements, home loan records, RERA registration details and email or WhatsApp conversations with the builder. These documents become the strongest evidence during complaint or legal action.