Buyers forced to wait for over a year for flats can now claim refund from builders

Buyers forced to wait for over a year for flats can now claim refund from builders.

In cases of delayed projects, builders pay compensation as per the clause in agreement which ranges from Rs 5-10 per sq ft p.m.

In a relief to lakhs of aggrieved home buyers who are forced to wait for possession of their flats for years, the apex consumer commission has quantified a time period of one year for delayed projects beyond which investors can claim refund from builders.
Judicial forums, including Supreme Court and consumer courts, have repeatedly held that homebuyers cannot be made to wait indefinitely, but it was not clarified when refund can be claimed in case of delay.

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