Homebuyers can claim Interest on Delayed Possession even after taking Possession: Bombay High Court
The Bombay High Court has ruled out a noteworthy verdict under Section 18 of the RERA Act that homebuyers can claim interest on their homes for delayed possession from developers even after taking possession of the property.
This decision comes after a developer filed an appeal in Bombay HC against a ruling issued by the Maharashtra Real Estate Appellate Tribunal (MREAT) involving payment of interest for delayed possession.
RERA Act 2016 specified that homebuyers are eligible to get a refund or interest if they want to leave a project midway owing to delayed possession or if they take possession after the developer’s delay in completing the project.
With MahaRERA, two homebuyers filed a complaint against the developer requesting interest for delayed possession, in a specific case related to a project in Pune.
Both complaints filed with MahaRERA and later by MREAT, were found to rule in favour of the homebuyers, despite the various arguments and reasons given by the developer for the delay.
Bombay HC upheld the ruling by MREAT in its recent order, highlighting that the homebuyer is not liable for such problems as stop work notices and it is the responsibility of developers to give surety of the project completion on time. The court said that Section 18 of the RERA Act permits the homebuyer even after taking possession of the property, they claim the interest for the delayed time.
Legal experts applauded the decision of the court. They said that it is a sign of relief for homebuyers who are facing similar kinds of situations. An advocate based in Mumbai emphasizes that the decision clarifies that homebuyers still can file complaints with MahaRERA for interest on delayed possession even after receiving an Occupation Certificate (OC).
This decision supports the homebuyer’s rights and underlines the significance of developers fulfilling their commitments under the RERA Act.
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