Seek refund if alterations in realty project plan affect you adversely

The National Consumer Disputes Redressal Commission (NCDRC) has ordered a hefty refund of Rs 33 crore, along with 12 per cent interest, to three flat buyers in World One project in Upper Worli (Lower Parel), Mumbai.

The developers were held liable for promoting the project without the requisite statutory approvals and for prolonged delays, exceeding four years, in handover.

While property buyers faced many issues earlier, the enactment of the Real Estate Regulatory Authority Act of 2016 (RERA Act) has led to a significant increase in transparency and accountability within the sector. The Act empowers homebuyers and allottees by granting them several rights.