There is need for buyers to understand cancellation rules before entering into a purchase agreement with a developer.
Registering the agreement for sale remains the most reliable way for a homebuyer to secure their legal and financial interests.
Taking possession without an OC can lead to legal complications, denial of utilities such as water and electricity, hurdles in availing home loans or reselling the property, and even eviction.
'Buyers should be provided either a fixed possession date or a firm date for the start of construction.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
MahaRERA, the authority under Real Estate (Regulation and Development) Act, 2016, in Maharashtra, has blacklisted 644 housing projects in the state for not meeting project deadlines. The authority has prohibited them from being sold, advertised or marketed in the state. These projects were supposed to be completed and handed over to homebuyers in 2017 and 2018. Even though most of the projects are being developed by local developers, one big name on the list is Lavasa Corporation promoted by HCC whose registration expired in 2017.
The bench, headed by Justice Patil, however, allowed a significant leeway for the developers in the judgment by permitting the state-level RERA Authority and the Appellate Tribunal to consider delays on a case-to-case basis, and not to cancel such projects or developers' registration in cases where the delay was caused due to "exceptional and compelling circumstances."
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
According to property consultancy firm Knight Frank, only 19 states and UTs have a functional portal in place, that too with a lot of information dissymmetry across data points
Before buying property, please carefully study the agreement with the builder, advises Sanjay Kumar Singh.
Home sales in the top 10 cities - Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - have declined at a compound annual growth rate of 8% since 2011.
It is expected to bring transparency and reinstate consumer faith in the industry, says Brotin Banerjee.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances