What happens if possession is delayed beyond the agreed date?

If possession is delayed beyond the agreed date, buyers are typically entitled to compensation as specified in the RERA-registered builder-buyer agreement, which may include interest on paid amounts or the option to exit the project with a full refund.

Buyer's Rights Under RERA

• Entitlement to interest compensation for each month of delay beyond the agreed date.
• Option to withdraw from the project and claim a full refund with interest.
• Right to file a complaint with the state RERA authority for unresolved delays.

Steps Buyers Should Take

• Review the builder-buyer agreement for specific delay penalty clauses.
• Send a formal written notice to the builder regarding the possession delay.
• Escalate to the RERA authority if the builder fails to respond adequately.

Practical Considerations

• Delay compensation rates vary by state RERA regulations and agreement terms.
• Legal action can be time-consuming, so documentation of delays is essential.
• Consulting a property lawyer helps clarify the best course of action.

RERA provides meaningful protection against possession delays, but buyers must proactively document delays and escalate through proper legal channels to claim compensation.