A customer can demand refund of his payment done for the flat he/she booked in a project:
-if the promoter fails to complete or is unable to give possession of an apartment, plot or building, in accordance with the terms of the agreement for sale or, as the case may be, duly completed by the date specified therein;
– if the promoter fails to complete or is unable to give possession of an apartment, plot or building) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under this Act or for any other reason
In these cases, if customer/allottee wishes to withdraw from the project and asks for a refund; developer will have to return the amount received by him in respect of that apartment, plot, building, as the case may be, with interest as mentioned in the RERA act or the builder buyer agreement.
In cases where the project is delayed and the customer has not asked for a refund; developer shall be liable to pay interest for every month of delay, till the handing over of the possession, at prescribed rate.