What if the Project is extended without particular Buyer’s consent and Buyer is not agreeable to new date?
Evidently, the Covid-19 Pandemic has affected the overall economy of the nation, which has certainly not left Real Estate sector unscathed. And in such circumstances, the Promoter has and ought to get the extension to completion of Project.
But the levy of EMIs of outstanding amount and Rent of existing home continues on the Buyer. As per the rulings of Supreme Court, along with other reasons, the Buyer is ought to get compensation/interest of delayed possession irrespective of any reason for the delay of possession of the flat.
So, what can Promoter do to prevent this compensation/interest? Simply, try to complete the project within stipulated time or have a buffer time after anticipated completion date - informing the same to the Buyer at prior hand.
Looking for more such advice? Or, seeking RERA consultation for your project, want to register your project or comply RERA by quarterly updating your project? 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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