A builder cannot mechanically forfeit the entire booking amount merely because the homebuyer cancels the booking. Under RERA, a promoter cannot accept more than 10% of the cost of the apartment, plot or building as advance payment without first entering into a written agreement for sale. In builder-buyer disputes, forfeiture must also satisfy the test...
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Confused between RERA and Consumer Commission? Learn which forum is better for delayed possession, refund, compensation and builder-buyer disputes.
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Section 18 RERA 2016 gives a homebuyer the right to claim refund, interest and compensation where the promoter fails to complete the project or deliver possession in accordance with the agreement for sale. The allottee may either withdraw from the project and claim refund with interest, or continue in the project and claim interest for...
Read MoreThe Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted to bring transparency, accountability and discipline into India’s real estate sector. The statute establishes real estate regulatory authorities, appellate tribunals, and an adjudicatory framework for disputes between homebuyers, promoters, developers and real estate agents. The Act expressly aims to protect consumers...
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