In a significant clarification, consumer rights experts have affirmed that homebuyers can claim interest for project delays even after receiving the Occupancy Certificate (OC). Builders cannot deny compensation by citing possession handover. This ruling strengthens buyer protection under RERA, ensuring accountability for developers and financial relief for affected homeowners.
Homebuyers facing delayed possession of flats now have stronger legal backing to claim compensation. According to consumer rights experts, builders cannot escape liability once they secure the Occupancy Certificate and offer possession. The right to claim interest remains valid, even if buyers accept the delayed handover.
This clarification addresses a common misconception propagated by developers that once possession is granted, buyers lose their right to demand interest. Legal experts emphasize that the Real Estate (Regulation and Development) Act (RERA) protects buyers against such delays, ensuring financial justice.
Key Highlights
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Legal Protection: Buyers can claim interest for delays even after receiving possession.
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No Waiver of Rights: Accepting the Occupancy Certificate does not nullify compensation claims.
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RERA Safeguards: The Act ensures accountability and timely redressal for homebuyers.
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Builders’ Misconception: Developers often mislead buyers into believing claims are invalid post-occupancy.
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Financial Relief: Compensation helps offset EMIs, rent, and financial stress during delays.
This development reinforces consumer confidence in India’s real estate sector, ensuring that homebuyers are not left powerless against project delays.
Sources: Free Press Journal (FPJ News Service), Mumbai Grahak Panchayat, Legal Observer