Buyers Can Choose To Opt Out Of Residential Project If Possession Is Delayed

Friends,


Here is another good news for buyers, in case the builder is delaying possession beyond limits.


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Buyers Can Choose To Opt Out Of Residential Project If Possession Is Delayed
The National Consumer Commission has held that a buyer is now entitled to opt out of a housing project if there is a delay in delivery of possession of the house by the real estate developer. It said the buyer is also entitled to a full refund with reasonable interest and any deduc tion on the amount is unjustified. "The petitioner was fully justified in opting out of the [hire-purchase] scheme and demanding refund of the money that she had paid along with interest," the commission said. The order was passed after a petition was filed by Agra resident Ms Indira Gupta, who was seeking quashing of the Uttar Pradesh State Consumer Commission's direction to deduct 20% from the amount to be refunded to her by the Agra Development Authority.

29 Aug 2010 DNA