Rate of Interest in Delay in Possession
For builders and real estate project owners, delay in possession is a routine thing but not anymore. Both Consumer fora and State Commissions are up the ante when it comes to delay in possession or deficiency in services of any nature.
Usually apart from refund of the money already given, court awards compensation plus litigation expenses also. So buyers should not be hesitant in engaging the expert consumer lawyer for their matters as whatever money they get will be returned.
Moreover, RERA has further stringent the regime of regulating builders and flow of capital in their project.
In the instant case, the court awarded rate of interest at the rate of 12% to complainants from the date of filing complaint.
One must check the previous projects of builder while investing in the current or muster feedback from banks. Though the rate of interest varies from Court to Court. The usual bracket remains 9-18 %.
RERA stipulates SBI MCLR plus 2%.
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