When embarking on your journey to buy a home, it's vital to be an informed and savvy buyer. Don't allow yourself to be swayed solely by the promises of the promoter. Instead, place more trust in their actions and track record than in their sweet words.
It's quite common for people to be captivated by the size of a property and its price, especially if it's their first home purchase. However, seasoned investors often prioritize aspects such as possession dates and quality over mere size and cost. Delayed possession or a compromise in quality can significantly impact your overall homeownership experience.
Consider the recent case that emerged within the purview of RERA (Real Estate Regulatory Authority). A couple had purchased a home in 2009 with a promised possession date of 2013. Astonishingly, by 2023, they still hadn't received the possession they were entitled to. In response to their complaint, RERA ordered the builder to compensate them from 1st May, 2017, until they finally receive possession, with interest calculated at the MCLR + 2% rate.
However, the plot thickened as the couple pointed out a crucial detail. Their agreement clearly stated the possession date as 2013, not 2017, and they referenced several similar orders that upheld the commitment regarding possession dates. This case underscores the critical importance of paying attention to the possession date when buying a home.
The couple's plight is a stark reminder of the mental and financial strain that can result from a delayed possession. What may initially appear to be an easily manageable additional 2 or 3 years can quickly turn into a complex situation. You'll continue paying rent, servicing loans, and experience the emotional and financial toll of an uncertain timeline.