New Delhi, June 28 -- Delayed possession is one of the most common grievances faced by homebuyers, often forcing them to wait years beyond the promised delivery date. This may become a financial burden for the homebuyer, especially if they are paying home loan EMIs while continuing to live in a rented house and paying rent. Hence, this makes many people ask: can a buyer seek compensation for such delays?

In a recent judgement that could act as a precedent for several cases, the Supreme Court said that homebuyers can claim compensation for delayed possession in appropriate cases.

The ruling came in the case of a buyer who became a member of a Delhi-based housing society in January 2003, paid the full amount, and was allotted an apartment...