Purchasing a home is a critical decision since it involves a huge investment. After all, hard-earned money is put into buying a house. Whether you are planning to invest in new residential projects in Lucknow or somewhere else, you need to be very careful so that you do not end up regretting your decision. In spite of all care and judgement, you may not get the possession on time in some instances. What would you do in such cases? Read on to find a solution.
Reasons Why Your Property Possession May be Detained
Several reasons can contribute to your delay in property possession, pending municipal approvals being one among them. Rise in property prices may be another vital reason as the developer may intentionally not offer possession in the anticipation of making purchasers pay a higher amount even if the contract is made at the older price. This, however, won’t get reflected in the sale contract. Developer’s lack of funds may also contribute to your delay of property possession.
What To Do If the Possession is Held Up?
No matter what the reason behind the delay is, it will result in a direct loss of your money. It will depress you and turn it difficult for you to plan for the future. Suppose, you are staying in a rented property waiting for the property possession. In case of possession detainment, you will need to continue to pay the rent till you acquire your property. In this way, it may frustrate you financially. Read below to know what should be done in the instance of property possession delay:
Seek a Refund
Seeking a refund from the builder may be a possible option if you do not get the property you bought within the stipulated time period.
Demanding compensation would be logical if the builder fails to complete construction or cannot hand over the completed apartment within the promised period. At the time of entering into the home purchase agreement, you should include this clause involving compensation in your contract.
Filing of Consumer Complaint Would be an Effective Option
As a buyer, you can always file a consumer complaint if you are not satisfied with a service as it has been mentioned in the Consumer Protection Act, 1986 (CPA) against the developer. You need to submit a written complaint to the concerned Consumer Dispute Redressal Forum or Commission’ under the CPA, while considering territorial and pecuniary jurisdictions.
If you are investing in new residential projects in Lucknow for personal use and your possession gets delayed, you can file a case as per the value of your property or the loss you suffered. Even if the possession is detained for a single day, you can claim for your losses.
Get Your Share
If you have been promised by the builder that you will enjoy the possession within a couple of months and the builder fails to keep his promise, you can demand the money spent as rent for a substitute accommodation. This would be specifically appropriate if you are purchasing a home for the first time. You can also ask for the interest on the payment that you have made till date for the home in the instance of delayed possession.
No doubt that a delay in possession can be depressing. But, you should not lose hope as you now know how to act in such instances. Whatever may be your plan, do not forget to send a legal notice to the builder prior to taking an action. The notice may prompt the concerned party to accelerate the process to take required actions, thus, saving you money and time.
Here are a few things you want to look out for before you take possession of your new home .