What are my chances of getting the remaining refund quickly?
I booked an apartment in Noida, but the builder overbooked the unit and informed me that they cannot issue the allotment letter, as it has already been sold to someone else. Currently, I only have the booking confirmation and have paid 60% of the total amount directly to the builder’s account. Although they agreed to refund the amount, it has been 1 year and 4 months, and they have refunded only 30% so far, without any interest. At present, they are returning a small amount every two months. What are my chances of getting the remaining amount refunded more quickly? I reviewed the RERA rules, but the resolution timeline appears to vary between 45 days and 3 years.
Under Indian law, specifically RERA (Real Estate Regulation and Development Act), this is a clear case of default by the builder, and you can file a complaint with UP RERA against the builder for refund with interest (currently around 9.3% per annum) as well as compensation. Since you have proof of payment and booking confirmation, you can also file a consumer complaint under Section 12 of the Consumer Protection Act, which typically has faster resolution (usually 3-6 months) compared to RERA proceedings.
Sir, if the builder continues to delay or avoid your refund you can send a legal notice with the help of an expert lawyer demanding the immediate release of the remaining funds along with interest for the delayed period and you may also file a complaint with the Real Estate Regulatory Authority (RERA). The timeline for resolution typically ranges from 45 days to 3 years, depending on the complexity of the case. For further legal assistance contact us on our helpline number.
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