Late payment Charges by builder

I have booked A flat in RajNagar Ext in yr 2010 and as per agreement it was supposed to give possession at June 2013 with 6 months grace period and any delay will cause compensation of Rs 4/psf.Initially, I was not able to pay some demands on time so builder charge fine as late payment charged appx. 1.4 lak on me with 30% annual interest rate.Somehow I received possession letter on Aug, 2015 and builder is asking to pay him late payment (somehow he is agree to minus compensation amount which is approximate Rs. 67640/- ). 1. Is it fair to charge 30% annual as late fee ?

Answers (1)

257 votes

We can comment on your query only after examining the agreement which you executed with the builder.

If as per the agreement you have agreed to pay 30% annual as late fee, then you are required to comply with same.

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