Remedies for Delayed Real Estate Possession: RERA Provisions and Consumer Fora Jurisprudence

Real estate investments represent critical capital commitments for both individual allottees and commercial purchasers. When builders default on sanctioned delivery schedules, buyers have definitive statutory recourse under the Real Estate (Regulation and Development) Act, 2016 (RERA). ### Section 18 Statutory Rights Under Section 18 of RERA, if the promoter fails to complete or is unable to give possession of an apartment, plot, or building in accordance with the terms of the agreement for sale: - **Refund with Prescribed Interest:** The allottee has the unqualified right to exit the project and demand full refund of all amounts paid, along with interest at the prescribed rate (SBI MCLR + 2%). - **Monthly Delay Compensation:** If the allottee chooses to remain invested in the project, the promoter is statutorily mandated to pay monthly interest for every month of continued delay until the handover of possession. ### Concurrent Remedies The Supreme Court has clarified that remedies under RERA, the Consumer Protection Act, 2019, and the Insolvency and Bankruptcy Code (IBC) are concurrent, providing aggrieved purchasers strategic flexibility depending on project insolvency risk.