Before RERA was enacted, homebuyers had minimal protection against unscrupulous builders who redirected project funds and delayed possession for a decade. Today, RERA provides an efficacious, time-bound grievance redressal platform.
Section 18 Remedy: Right to Full Refund
If a promoter fails to give possession on the date specified in the Builder-Buyer Agreement, the allottee has an unqualified statutory right under Section 18 to withdraw from the project and demand full refund with SBI MCLR interest.
Execution of Recovery Certificates
RERA orders have the force of court decrees, and the District Collector can recover ordered sums as arrears of land revenue from the promoter’s bank accounts.