Common Contracts

Remedy for Buyers in Case of Delayed Property Possession

July 24th, 2023

• Filed
  July 24th, 2023

Real estate rights are based on ownership interests and other property rights. It's frustrating when we work over our hard-earned cash for an apartment, house, or other property and then have to wait around for it to arrive. Delays in closing on our dream house because the developer won't return our calls are draining not just physically, but also emotionally and mentally. A Builder-Buyer Agreement is signed between a Builder and a Buyer, whenever a person invests or agrees to invest in an immovable property. The stipulated time within which the property/possession has to be handed over to the buyer is stated in this Agreement in clear terms. When the possession is not transferred or delivered by the Builder to the buyer within the stipulated time period (in some cases, even after the extension period), it is known as Delay in Delivery of Possession by the Builder.It is seen many times that the builder does not abide by this Agreement (by delaying the delivery of the residential proper