New Delhi: In good news for homebuyers across the country, the apex consumers commission has now set a bar on delayed projects to deliver on a promise or refund money to all investors.

The National Consumer Disputes Redressal Commission has said that the buyers can seek a refund from the builder if possession is delayed by one year beyond the promised date. According to a report in the Times of India, the NCDRC ruled, “It is now established that allottees have the right to ask for a refund if possession is inordinately delayed, particularly beyond one year.”

The court passed this order after a Delhi resident moved court with a plea that he had bought a flat in 2012 and has still not been given the possession that was promised within 36 months with a six months grace period. When the builders failed to deliver, the man moved the court to enable them to either give him possession or refund the money.

The commission has now directed the builder to pay compensation to the man at the rate of 6 per cent per year on the total deposit made by him.

Meanwhile, this comes as a big cheer for all homebuyers in the country. Several apex bodies including the Supreme Court have time and again held that homebuyers cannot be made to wait indefinitely for their houses to be built and given possession of by the builders.