RERA (Real Estate Regulatory Authority): Real estate companies make many big promises to customers while launching new residential projects. Companies attract buyers by claiming better location, timely possession, and modern facilities. But when customers book a flat with their hard-earned money and a home loan, they often have to face disappointment. The biggest problem is the non-timely delivery of the project. Customers who have taken a home loan especially face double the trouble. On one hand, they pay EMI, on the other hand, they also have to bear the burden of rent due to not getting the house on time.
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A complaint can be lodged with RERA
Keeping in mind the safety of home buyers, the government implemented the Real Estate Regulation Act (RERA) from May 1, 2016. Under this law, the Real Estate Regulatory Authority has been formed in every state. Buyers can file a complaint with the RERA authority of that state on a delay in the project, breach of promise, or any other problem. RERA has the right to put pressure on the builder to complete the project and get compensation for the buyer.
Consumer court is also an option
The customer can also complain under the Consumer Protection Act, 1986. In this Act, the home buyer is included in the definition of a customer. There are three levels of complaint. If the property is worth up to Rs 20 lakh, then a complaint can be made in the District Forum. The State Consumer Commission looks into the dispute related to property worth Rs 20 lakh to Rs 1 crore. At the same time, for property worth more than Rs 1 crore, buyers can go to the National Consumer Disputes Redressal Commission (NCDRC). This quasi-judicial body helps in providing relief to the buyers.
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Option of collective complaint in NCLT
If there is a long delay in the delivery of a big project, then the buyers can also initiate the Corporate Insolvency Resolution Process against the company. For this, a minimum of 100 buyers or at least 10% of the project’s customers will have to come together. Apart from this, the total default amount must be more than Rs 1 crore. In the Insolvency and Bankruptcy Code, 2016, home buyers are considered financial creditors. In such a situation, they can file a complaint in NCLT (National Company Law Tribunal).