Real estate developers and industry consultants said the National Consumer Disputes Redressal Commission's (NCDRC) order that homebuyers can seek a refund if the hand-over of a flat is delayed by more than one year should be implemented on a case-by-case basis.
The commission's ruling came after a hearing on a plea filed by a Delhi resident who bought a flat in Gurgaon in 2012.
Niranjan Hiranandani, Chairman of Hiranandani Constructions said "I think it should be a case to case basis. If a project is ready and the developer is awaiting an occupational certificate, then they should not be held responsible".
Anuj Puri, Chairman of Anarock Consultants said if the delay is due to some wrongdoing of developers, they should be penalised, but not if it's because the project is awaiting approvals.
"Many times, developers get approval requirements in the middle of the projects which they did not anticipate before. It might create problems if homebuyers seek refund for a delay in those cases," he said.
Rajiv Talwar, Chairman of Naredco and Chief Executive Officer of DLF, said "People in places who do not understand trade cycles are overdoing their authority. While we respect the order, they should consult the industry and not kill the industry with their orders. If it is a simple interest of 6 per cent, it is perfectly fine," he said.