This is the amount your builder has to pay you over delayed possession
Advertisement
Here’s some good news for people who are still awaiting possession of their dream home and are hit by delayed delivery. The builders will now have to pay you 10.9% interest if they delay delivery.
Under theReal Estate Regulation Act (RERA), notified by the Indian government, buyers will get an interest for delayed possession and in case a buyer is seeking a refund, they will now be entitled to a refund on the entire payment at the same rate.
The builder will have to repay the amount within 45 days of the claim and the interest rate has been fixed at 2 percentage points above the SBI's marginal cost of funds (the current benchmark lending rate for banks).
Also, developers of the projects underway will also to deposit 70% of the funds collected, which have to remain unused.
This new move has given some security to thehome buyers , who are often caught with delayed possession. Now, the developers will be held more accountable.
Advertisement
Advertisement
Under the
The builder will have to repay the amount within 45 days of the claim and the interest rate has been fixed at 2 percentage points above the SBI's marginal cost of funds (the current benchmark lending rate for banks).
Also, developers of the projects underway will also to deposit 70% of the funds collected, which have to remain unused.
This new move has given some security to the
Advertisement
- Fresh photographs of Milky Way’s black hole Sgr A* reveal strong, twisted magnetic field similar to M87*
- 8 Lesser-known places to explore in Himachal Pradesh
- Markets end FY24 on buoyant note amid positive global cues
- SRM Contractors IPO allotment – How to check allotment, GMP, listing date and more
- Rupee falls 6 paise to settle at 83.39 against US dollar