V95- RERA law remedies in Project Delay. Compensation or Refund | Prashant Kanha Adv.

Timeline: 00:00 – Introduction 01:16 – Possession Clause in Agreement to Sell 02:22 – Delay Compensation 03:10 – Remedy under RERA Act 03:47 – Right to Delay Compensation 05:10 – Refund 06:19 – Remedy under Law 06:50 – RERA or Adjudicating Officer 07:47 – Adjudication Process 08:27 – Execution of RERA Order 10:15 – Imposition of Cost on Builder 10:30 – Issuance of Recovery Certificate 11:16 – Enforcement of Recovery Certificate 12:52 – High Court 13:49 – Contempt of Court 15:13 – Conclusion ________ PRESENTED BY: Prashant Kanha, Advocate on Record, Supreme Court of India, New Delhi. He is based out of Delhi and practices law mainly in the Supreme Court of India and High Court of Delhi, conducts arbitration as an arbitrator as well as a lawyer besides practicing before many other courts and Tribunals across India in various fields with the help of his team of lawyers. IN CASE OF ANY OBJECTION, DISCREPANCY, MISINFORMATION, OR CLARIFICATION IN/ ABOUT THE INFORMATION IN THE VIDEO CONTACT AT +91 9599732224 or +91 9910843777 over WhatsApp or call on +91 8920718595. ___________ *****DISCLAIMER***** THE VIDEO IS NEITHER AN ADVERTISEMENT NOR A LEGAL ADVICE, IT IS ONLY FOR INFORMATION & AWARENESS PURPOSES. All due care has been taken by the presenter to stay accurate however, the interpretation of the law is based on specific facts and circumstances as such given information may not be fit for all as such always seek independent legal advice. ___ ###-----ABSTRACT-----#### What legal remedies does a home buyer have in case the project is delayed or stalled? Firstly, the allottee (buyer) must refer to the “Possession Clause” of his Agreement to Sell executed with the promoter (seller). A Possession Clause in an Agreement to Sell specifies the date when the allottee will be entitled to take possession of the property. It outlines the terms and conditions under which the buyer can take possession of the property and the consequences of any delay or default in the possession. The Possession Clause usually includes the following details: d) Date of Possession e) Payment of Consideration f) Delay in Possession g) Default in Possession Now, in case the Promoter (seller) has defaulted in granting possession within the stipulated time period as provided in the Possession Clause, Section 18 of the Real Estate (Regulation and Development) Act, 2016 (RERA) deals with the rights and obligations of the allottee in case of a delay in possession of the property by the promoter. As per Section 18, if the promoter fails to complete the project within the time period specified in the agreement for sale, or within a reasonable time, the allottee has the following rights: i) To withdraw from the project ii) To continue with the Project iii) To claim Compensation Accordingly, a complaint before the Real Estate Authority or the Adjudicating Officer can be filed under Section 31 of RERA.