UNIFIED REDRESSAL SYSTEM NEEDED IN REALTY SECTOR
Time and again, consumer organizations have warned against purchasing an under-construction property. This advice is all the more pertinent today because delayed housing projects are an unfortunate reality.
Vinod Sampat, president of Cooperative Societies' Residents, Users and Welfare Association, says, "In such a situation, the consumer is literally helpless, especially if he has paid a certain portion in cash. But for the white component at least, he can file for deficiency in service on the builder's part in a consumer court.''
For now, a consumer court is the only redressal recourse in real estate disputes of delayed possession, quality of construction, and such others. That's because, despite several representations from consumer groups, the critical sector continues to languish without a single-point regulator. (Things are a lot different in the developed world. Builders in the
A step in this direction was taken by the
Then,
And, as he is not in possession of the flat, he is not entitled to income-tax rebate under Section 24 (ii) of the Income-Tax Act, 1961. Certified financial planner D S u n d a r a r a j a n , though, says that after securing possession, the interest portion on the loan paid before possession gets adjusted over the next five years, subject to a limit of Rs 1.5 lakh. If a property is in a joint name, both holders are entitled to the amount, which works out to Rs 3 lakh.
Courtesy:- TOI dtd:- 14th Nov 2008
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