In the beginning of this blog which is posted at (http://blog.therealestatecompany.in/property-possession-being-delayed-in-bangalore-heres-what-you-can-do-part-1/) I have discussed about few basic points which are extremely relevant to buyers who are passing through possession woes. The city of Bangalore is heaped with lots of properties which are highly in demand. Buyers are flocking from different parts of India to buy their dream houses and villas in the city. In this blog, I am discussing about the dark underbelly of the property market, which is prevalent in a bustling metropolis like Bangalore.
Let’s discuss some more remedies of the ailment called delayed possession which is haunting the present real estate scene of Bangalore:
Know the laws:
As a consumer you are always shielded by the law. So now your law and exercise it properly and at the right place. There are certain laws and provisions which are rolled out by the state government to safeguard the interest of the common like you and me. As, for example the State of Maharashtra empowers its Denizens with a particular law which enables you to get the entire refund of your money if the possession process if delayed by the builder. Look out for similar laws in Bangalore, and if it is there, then you can easily get your hard earned money back from the swindler.
Apart from this any property related transactions come under the Domestic Building Contract Act 1995. Which again entitles you to question the delay.
Apart from the refund, you can also ask for the rent of the house in which you are staying during the transition. You can also ask for the interest on the payment you made to the flat owner or the house owner in which you were compelled to stay due to the delay in the possession.
Fallout of the delay:
The builder is not only bound to heal all your financial wounds. But at the same time the realtor by the virtue of the law will compensate you for the entire fallout of the delay. A delay can leave a scar on the education of your children, on your marriage and also on your professional life. A delay in possession of your flat or villa can turn your entire world upside down.
So collect concrete evidences in your hand and slap a fine on the builder and ask for a hefty fine.
Keep him in the loop:
Always keep the builder in the loop. Whatever actions you pile out against the builder notify him or her about the same through written correspondence. Slap a legal notice, on him and ask him to justify the delay. If after the notice the builder comes up with a proper response and gives you an amicable solution, then you are the winner, and if he acts defiant then drag him to the court without any further delay.
The property market in Bangalore is definitely one of the most promising markets in India, but you must remember that there is always a lurking danger which you have to intercept and understand and duck with proper knowledge and with a legal cushion.