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Provision for builder giving Assured Return on property to buyers
23-Oct-2023 (In Consumer Court Law)
I am interested in a commerical property in Gurgaon which is at a good location. However the builder is not well know. The builder is offering assured return, however there is uncertainty around the continuity of assured return. Is there a way that builders are liable to pay assured return to the consumers? What all documentation should I be mindful about? Also, does RERA secure the consumers interest in terms of money invested and timely delivery.
This is to be noted that if the builder is assuring about the return, this should be disclosed in the agreement in proper manner. The remedy if the builder do not fulfil or honour its assurance within certain time limit should also be stated and agreed on in the agreement.
Further you must note that as it is commercial property, being commercial in nature, you do not fall within the definition of the term, "Consumer" as defined under Section 2(1) (d) of the Consumer Protection Act. The remedy in case of any default by the builder from such assurance, will lie in civil court or before the police by way of making a complaint under Section 420 (Cheating) and allied sections.
In case a proper remedy is entered into and agreed in the agreement that will govern the proper recourse of the action.
RERA can only assure the timely delivery of possession of the property. For further issues/doubts and consultation thereon, you can visit in person and/or telephonic or video conference.
Further you must note that as it is commercial property, being commercial in nature, you do not fall within the definition of the term, "Consumer" as defined under Section 2(1) (d) of the Consumer Protection Act. The remedy in case of any default by the builder from such assurance, will lie in civil court or before the police by way of making a complaint under Section 420 (Cheating) and allied sections.
In case a proper remedy is entered into and agreed in the agreement that will govern the proper recourse of the action.
RERA can only assure the timely delivery of possession of the property. For further issues/doubts and consultation thereon, you can visit in person and/or telephonic or video conference.
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Adv. Arun Kumar
Gurgaon | 100+ Answers
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