Late payment Charges by builder
09-Sep-2023 (In Consumer Court Law)
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 ?
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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