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Late Delivery Penalty In UP RERA
06-Apr-2023 (In Property Law)
I had booked a flat with a reputed builder in Noida in 2016 who promised possession in 2017. After the implementation of UP RERA, builder declared project completion date in RERA as DEC 2019. Now builder is sending a letter dated May 2019 as offer for possession. My queries are,
1.What is penalty amount: Either INR 5 per sq ft per month (as per builder buyer agreement in 2016) or penalty as per UP RERA.
2. What is the possession delay penalty prescribed as per UP RERA. As I understand that it should be SBI MLCR + 2%. If possible ,may please furnish copy of concern circular of UP RERA.
The project completion date mentioned in RERA will not be considered as the due date of possession and the delay period of possession is accountable from the due date of possession as per the agreement. Interest will be given @ of MCLR+1% p.a. i.e. 9.25% as on now, accountable from the due date of possession as per the agreement till the physical lawfull possession post Completion Certificate or Occupancy Certificate as applicable.
Helpful?
24+
24+
Adv. Mandeep Singh
Lucknow | 25+ Answers
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You may get in touch with me in this regard.
sbi mclr +1 percent or the interest as they claimed from you if you ever delayed the payment as per raised demand letter.
you want delivery/offer of possession or refund of amount,?
about the percentage you may refer the passed order.
you may contact me for advise
sbi mclr +1 percent or the interest as they claimed from you if you ever delayed the payment as per raised demand letter.
you want delivery/offer of possession or refund of amount,?
about the percentage you may refer the passed order.
you may contact me for advise
Helpful?
10+
10+
Adv. Gyan Prakash
Noida | 200+ Answers
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