Over the last decade, we have witnessed an enormous increase in the ordeal faced by homebuyers at the hands of developers. Till a couple of years ago, homebuyers had only one option, which was to approach the consumer courts to complain against the developers and request a refund of their investment and demand compensation. But in most cases the agreements executed by the developers were one-sided, favouring the developers and providing for arbitration which was costly and time-consuming. Moreover, the consumer courts are over-burdened and homebuyers or allottees had to wait for a longer period to get refund or compensation after multiple levels of litigation involving appeals and revisions even at the Supreme Court (SC) stage.
But the…
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