Builders cannot retain the customer’s registration charges under new policy

Delhi: The department of Town and Country Planning (DTCP) has come up with a new policy which will be a major relief to the home buyers. From now on the developers cannot retain the customer’s money on account of registration charges.

The new policy issued in the second week of March 2016 states that the developers should execute the conveyance deed within 15 days of the receipt of the registration charges from the customers and the home buyers. In case the builder fails to do so, this money should be refunded to the allotees of the flats or the builders could adjust the amount against other such dues save the up-keeping charges.

Town and Country Planning

The officials of the DTCP said that this move has been primarily aimed at preventing the builder to misuse the customers’ money. At this present moment in many cases the developers normally delay the execution of the of the conveyance deed for many years even after they have received the registration charges from the home buyers.

The developers will no more be able to withhold the money in the name of registration charges from the customers and the allotees of the flats as per the DTCP officials. DTCP has also made it compulsory for the builders and developers who have to submit a certificate from a Chartered Accountant stating that no amount of customers’ money is withheld in the name of stamp duty charges. In case any of the builders fails to submit the certificate, approvals for the building plans will not be granted. The other benefits like renewal of license and others will also be postponed.

Building Plans , Certificates

The officials from the DTCP said that there are many instances where disputes have been lodged between the developers, allotees of flats and the revenue department over this delay of the execution of the conveyance deed for which the money had already been taken. Few of the major customer complaints, feedback, reviews have also reached the Grievance Redressal Forum and according to its suggestions this policy decision has been taken. 

The new policy states that if in case the builder is not able to execute the conveyance deed within 15 days of the collection of the registration charges or even fails to return the allotees’ money a joint bank account will be opened with the developer, DTCP and the RWA.

Fake online reviews

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