"SC needs to candidly also evaluate force majeure events before making such calls. While it is give full benefit to the buyers there is no protection offered to developer which I believe is unfair," said another NCR-based developer.
A managing director of a advisory firm who did not want to be quoted said implementation of the SC order is tough.
"In my view, execution of these judgements has been an issue. Builders don’t abide by these judgements and for the buyer, to go through the civil court process is costly and time consuming," he said.
He added that builders would give excuses like force majeure or delay in payments by the buyer etc in order to not pay and litigate." Unless there is a separate legal mechanism to resolve property disputes, the balance is not in favour of individual buyers," he added.
Developers have said construction at sites were haulted in April and May due to lockdown
and projects would be delayed because of the lockdown.
However, Anuj Puri, chairman of Anarock Property Consultants said that latest Supreme Court
verdict sets a new benchmark of acceptable conduct in the real estate
"In the recent past, despite several RERA
rulings favouring homebuyers
across states, there was little actual on-ground action in terms of homebuyers
getting back their penalty amounts or possession of their flats. This is essentially because RERA
is not really an execution authority. This move by the Apex Court further strengthens the hand of homebuyers
and sends out a firm signal to stakeholders to treat their customers fairly and not take them for granted," he said