When builders announce a new residential project, they often roll out a red-carpet of promises: a great location, speedy handover, and top-notch amenities. Many homebuyers, excited by the pitch, invest their lifelong savings and go for a home loan. But the reality bites when the flat that was supposed to be ready in a few months remains a construction site. The main grievance—delays. For buyers juggling a home loan, this is doubly tough. They pay EMI on money that isn't even in the house yet, and on top of that, rent for the home they still don’t own.Speak Up to RERATo protect the interests of homebuyers, the government rolled out the Real Estate Regulation Act, or RERA, on May 1, 2016. This law set up a Real Estate Regulatory Authority in every state. If a project is delayed, if a promise is broken, or if any other issue crops up, buyers can file a complaint with the RERA body in their state. The authority has the power to press builders to meet deadlines and even get monetary compensation for the buyer. So, when you face issues, RERA is your go-to partner for speedy justice.Consumer Court Is Also an OptionYou can file a complaint under the Consumer Protection Act, 1986, if your home buyer experience has gone wrong. The Act defines a home buyer as a customer, giving you the same rights as any other consumer. You'll follow a simple three-level complaint process based on your property's value. For homes costing up to ₹20 lakh, take your complaint to the District Forum. If the value is between ₹20 lakh and ₹1 crore, the State Consumer Commission handles the case. For homes valued at over ₹1 crore, the complaint goes to the National Consumer Disputes Redressal Commission, better known as the NCDRC. These quasi-judicial forums were set up to help you get quick and fair relief, and they usually work faster than regular courts.Collective Complaint at NCLTWhen a major project falls way behind schedule, the buyers have a powerful tool: they can kick off Corporate Insolvency Resolution against the builder. To start, at least 100 buyers or 10% of the project’s customers must unite. Plus, the total amount owed must exceed ₹1 crore. Under the Insolvency and Bankruptcy Code, 2016, home buyers are treated as financial creditors. This means they can take their complaint straight to the NCLT (National Company Law Tribunal).
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