What are the ways to seek fair compensation for delay in possession by a builder.

Q: Need to know various legal options available to buyer to seek fair compensation for delay by the developer when the buyer has already paid major share of the cost.

S.P.Rastogi, Apartment Resident

8th September 2015

Buying property in Bangalore

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Thanks Dushyant & Balaji for the information.
Is there a rule or law which makes it obligatory for the builder to refund the money with compensation in case of major delay in possession. What happens when the compensation as per the builder-buyer agreement is negligible and will not cover the interest losses even by a small fraction?

S.P.Rastogi, Apartment Resident

9th September 2015

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Yes there must be some kind of laws but before that you have to check if the builder has mentioned about the compensation or refund in the sales agreement.

Balaji, Bangalore

15th September 2015

Hi Rastogi, First you have to send a legal notice to the builder, if he is not responding to the notice you can take the matter to consumer forum or civil court.

Dushyant, Bangalore

9th September 2015

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