Delayed possession of property to attract 10% penalty
If property builders delay the possession of properties, buyers would be entitled to get interest on the invested amount for the delay period.
This rate of interest has been decided at 10% by the
As against rumours doing rounds, developers can still advertise and market their existing projects, said regulators and officials of MP, Punjab, Haryana and Delhi. They added that builders need to apply for registration for ongoing projects only by July 31.Also read: Is Indian realty sector in need for a makeover?
However, projects that don’t apply for registration by July 31 will not be allowed to advertise.
"So far, 14 states and UTs have implemented this law. There are 14 more states which are in process of notifying the rules. We hope that they will do it soon," said Rajiv Ranjan Mishra, Joint Secretary of
As per Anthony de Sa, Chairman of Madhya Pradesh
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