Lesson 3 of 3 · 8 min
When possession is late
A missed handover date is not merely disappointing. It triggers a choice: take the money back with interest, or stay and be paid interest every month of delay.
The commonest experience of buying an under-construction flat is a date that moves. What most buyers do not know is that the date in the agreement is not a hope — missing it triggers a specific remedy, and the buyer chooses which form it takes.
| The buyer's choice | What the promoter owes |
|---|---|
| Withdraw from the project | Return of the amount received, with interest, plus compensation |
| Stay in the project | Interest for every month of delay, until possession is handed over |
| Defective title of the land | Compensation for the loss caused, whether or not possession is late |
The trigger is wider than a simple delay, too. It covers failure to complete or to give possession in accordance with the agreement, and it also covers the promoter's business stopping because the registration was suspended or revoked. So a project that stops because the developer lost their registration is squarely inside the remedy rather than outside it.
The handover date has passed. What now?
Do you still want this particular flat?
Check yourself
1 / 3
Kabir asks
The handover date in the agreement has passed. What does the buyer get?
Done reading?
Saved in this browser — and finishes the course.