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 buyers do in such a case? Discuss the possession date affront which shall be mentioned without fail in the agreements to plan out between the existing home’s rent, pre-EMI and the novelty of moving into a new home/office soon.
Looking for more such advice? Or, RERA consultation on your new home? Contact us today!
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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