What if no possession date is agreed between Buyer and Promoter?
It is mandatory to disclose/agree upon the possession date, but it could be missed. Various such cases have appeared before the RERA Authority and Appellate Tribunal, leading to the question of the possession date then. Because the parties now can't mutually and amicably agree on possession date, mainly when the dispute has arisen regarding late possession.
The Supreme Court has laid down explicitly that the possession should be handed over in a maximum of 3 years from the date of the agreement. However, depending on the stage of construction, the period shall vary.
What should the promoters do in such a case or prevent the limit of 3 years? The possession date shall be mentioned without fail in the agreements, which may even be beyond 3 years.
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The information relayed in this blog should not be construed as legal advice. The applicability of information varies on the basis of the circumstances of each case. But feel free to call us for similar advice.
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