What to do if you are Trapped by the Wrong Builder?

By Admin November 17, 2017 news
What to do if you are Trapped by the Wrong Builder?

Trapped in Real Estate - Here in this blog I will discuss about the smart tips to be taken if you are trapped in real estate. To avoid being trapped in real estate or to protect your savings from unnecessary legal fees, you need proper strategy and smart tips before you approach any real estate builder.

Every day is not same; Government has opened their eyes and understood that how important it is to create transparency between the builders and customers. If things are not regulated well and investors or home buyers is not having any caution tape around them, then definitely real estate will face a big drop, so to pump up the scenario the Government is taking a lucrative step against these lawless steps to secure the real estate industry.

If builder goes bankrupt you will be covered, so you need to relax because this move has planned to protect your money.

Recently, Supreme Court has directed Supertech to deposit Rs 20 crore the refund claims of home buyers. So this protection for customers makes them free from the fact that investment in property is a bad idea.

These rules are applied to all the top notch builders like DLF, Tata Housing, Sobha LTD, Central Park and more to prevent from the false practices that were part and parcel.

So, if you have invested and you are caught in any wrong situation, then you can simply follow these 5 rules and come out of it easily.

1. Knock RERA

If in case the builder fails to give possession on time, then the buyer can withdraw from the project and is entitled to receive the paid amount with its interest.

And in case, the buyer is okay with the same project, then he will receive interest every month of delay. Besides this, if the construction is poorly done or the builder fails to deliver the amenities which he has promised to its customers, then also they can file a complaint before the RERA.

Real Estate Regulatory Authority (RERA) is for all the people who caught in any false situation and then they look for a body to help them. So RERA comes with a trust to protect all the customers and provide a healthy investment.


2. Civil Suit

Again if the builder doesn’t meet the deadline, then definitely you can file a civil suit, however, there is no set of time, but the case will be solved as soon as possible.


3. Arbitration

This is also one of the ways to solve the problem. There is an arbitration clause in the builder-buyer agreement where you can settle the problem out-of-court. Builder can’t impel the buyer to go for arbitration as there is no trail under this alternative and it can take time up to 6 months to resolve the matter, so it is completely your choice whether you want to go for arbitration or not. And after this also if you are not satisfied, then you can go for other methods.


4. Criminal Courts

You can even file a criminal complaint under the provision of the Indian Penal Code for cheating or any wrong activity that has affected you.


5. File a consumer complaint

Under the Consumer Protection Act, the District Consumer Forum entertains complaints where the price of the house the compensation is any, doesn’t exceed Rs 20 lakh, if it exceeds Rs 20 lakh but does not goes beyond Rs 1 crore, the complaints will be under the State Consumer Commission and if it exceeds Rs 1 crore, then it will be entertained by the NCDRC.  

About the Author - Admin
Admin
Baldev Singh writes the content on real-estate from several years and he is one of the few writers who provide the thought-provoking content on best properties deals.
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