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How much compensation can be claimed if builder delays in possession
17-Apr-2023 (In Property Law)
Hello Experts, I have bought under construction flat and have following queries. Builder had charged 26% interest for delayed payment including the delayed payment of TDS. I paid the amount asked although i never got the required interest calculation break-up. My question here is: In my sale agreement, builder mentioned that he will pay interest if it is delay from his end. Now, when i asked for interest on delayed possession (4 months delay since as per agreement, he was supposed to deliver it by 31st Dec 2017.. Now, with almost 4 months delay, he should be paying me interest). He mentioned that as per date mentioned in RERA, its 31st March 2019 so interest payment for delayed possession. So can i demand interest for delayed payment from builder?
You can claim interest around 12 to 18 % or as mentioned in your agreement to sale but if the reason for delay in construction is beyond control of builder it will be difficult you to claim interest and the interest can be claimed only if you are getting refund of earnest money not for delay further you can claim compensation if there is willful delay from the builder around Rs.1 lakh maximum.
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Adv. Abhishek Samdekar
Nagpur | 25+ Answers
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