From Dreams To Realty

A. NCDRC to the Rescue of Beleaguered Buyers

The National Consumer Disputes Redressal Commission (the "NCDRC") has recently passed stringent directions¹ against a builder taking strong objection to delays in construction, coupled with failure of the builder to share the EMI of the flat buyers ("Complainants") in agreed proportion.

The Complainants booked a flat with the builder in 2007. The builder assured to share 3/4th portion of the EMI to be paid to the bank, if the Complainants paid 95% of the basic sale price of the flat to the builder upfront, and availed a bank loan in such regard.

The Complainants took a loan and paid a total of 95% of the basic sale price of the flat upfront. The Complainants even received EMI payments from the builder for the initial few years. Thereafter, reportedly, the construction of the project stalled, and the builder even defaulted in EMI reimbursements.