After the implementation of Real Estate law in the country many builders have shifted the day of delivery of flats to buyers by several months or even years in few cases. This is detrimental to the buyers as the date of delivery promised as per the agreement was of much earlier date.
As per the Maharashtra Real Estate Regulatory Authority,(MahaRera) builders are required to declare the date of delivery of projects. In case if the builder fails to deliver the flat on the stipulated date it will attract huge penalties.
Homebuyers have complained that the developers have shown the delivery date as 2021-22 whereas during the time of the purchase the builder has promised that flats will be delivered in 2017-18.
The industry experts claim that the builders have purposely deferred the dates of possession so that they have a buffer time in case there is a delay in delivery of flats. To avoid adverse repercussions many builders are giving project completion deadlines to MahaRera which are different from the ones promised to the homebuyers at the time of purchase.
The vice-president of MCHI-CREDAI which represents builders asserted that the date of delivery mentioned during RERA registration is acceptable.
He said, “Builders are keeping a margin of six months to one year for possession. The date submitted to Rera to hand over possession is the final cut-off.But developers will deliver much before this date.”
However, to the respite of homebuyers, the MahaRera Chairman Gautam Chatterjee declared that the builders will be liable to pay penalties for delay.