Delay Possession Penalty Calculation
15-Sep-2023 (In Property Law)
Dear Lawyers, I am from Noida and booked a flat on June 2018, as per my allotment letter penalty mentioned for buyer is 18% if I am delaying the payment to builder but at the same time it would be Rs.5/Sq. Ft. if builder is delaying the possession of the flat, I didn't noticed this at the time of booking.
Today, I had a discussion with builder and he is saying the delay penalty would be as per BBA which is Rs.5/Sq.Ft.
I want to understand why there is a discrepancy and how the final penalty will be calculated by builder as a delay penalty. Also what would be UP RERA role here ? Seeking legal help, thanks in advance!
Dear Sir.. Builder has to pay interest as per RERA Act and Rules,which they cannot deny. For more information you may contact us. Thanks and Regards
Both have to be same in consonance of section 2za of the REAL EState act 2016. Approach RERA to get both equalised @ MCLR+1%
This is a fit case to approach RERA and seek interest for the delay in possession in terms of section 18 of the RERA act
This is a fit case to approach RERA and seek interest for the delay in possession in terms of section 18 of the RERA act
It doesn't matter what agreement says.
It shall be as per RERA rules and Act
1. Both shall have same penalty percentage
2. SBI PLR
There is nothing else
if any builder breaches during the time of offer of possession, RERA will put penalty against the Builder.
Regards
It shall be as per RERA rules and Act
1. Both shall have same penalty percentage
2. SBI PLR
There is nothing else
if any builder breaches during the time of offer of possession, RERA will put penalty against the Builder.
Regards
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