Yes, a homebuyer can seek compensation for delayed possession of a booked flat in a real estate project. This is typically covered under the Real Estate (Regulation and Development) Act, 2016 (RERA), which provides legal recourse for homebuyers facing delays.

RERA and Delayed Possession:
Section 18 of RERA:
This section specifically addresses the rights of homebuyers in cases of delayed possession.
Compensation Options:
If a builder fails to deliver possession within the agreed-upon timeframe, the homebuyer has two main options:
Withdraw from the project: The buyer can withdraw their investment and claim a full refund of the amount paid, along with interest.
Stay in the project and seek compensation: The buyer can choose to stay in the project and receive monthly interest on the amount invested, for each month of delay until possession is handed over.
Interest Rates:
The interest rate for compensation is typically prescribed by RERA, and it is often similar to the interest rate the builder would charge for late payments.
Other Recourses:
In addition to RERA, homebuyers can also explore other legal options like filing a consumer complaint in a consumer court or a civil suit for breach of contract.

Key Considerations:
RERA Registration:
Ensure the real estate project is registered under RERA, as this is crucial for claiming compensation under the Act.
Sale Agreement:
Review the sale agreement for details on the promised possession date and penalty clauses for delays.
Documentation:
Maintain all relevant documents, including the sale agreement, payment receipts, and communication with the builder.
Legal Advice:
Seeking legal advice from a real estate lawyer can help you understand your rights and options better.

Yes, a buyer can seek compensation for delay in possession of a booked flat by filing a complaint before the Real Estate Regulatory Authority (RERA) or a consumer court. The buyer can claim interest, refund, or damages as per the terms of the agreement and relevant laws.