The Supreme Court has taken the right decision by directing the developer to pay homebuyers money back. Late or no possession has led buyers to move to court for their money invested in such deals.
Homebuyers turned to court and asked for the raise in interest at the rate of 18% concoctive annually, same to builders’ demand for defaults in their payments. RERAs’ norm of equality defines the exact situation here.
The projects going on without completion certificate after RERA will come under the perimeter of RERA and it is going to help many projects in certain ways. Another good thing is, builders will have to inform RERA about how the money was consumed.