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Penalty on delay in possession from builder to buyer as per UP RERA
14-Feb-2023 (In Property Law)
Please provide clarity if UP RERA is using the builder buyer agreement as a yardstick for determining delay penalty from builder to buyer (at the rate of approx rs. 5 sq/feet) or leveraging the RERA guidelines of approx 10 percent. I have heard that some adjucating officers in UP RERA as simply referencing the builder buyer agreement guildelines as they claim that the 10% penalty has not yet been ratified into implementation. pls confirm on this
RERA has prescribed the interest rate of 10% on the invested amount by the buyers facing problems due to delay delivery of homes. The interest rate prescribed by the authority is 2% points above SBI's Marginal cost of fund based lending rate (MCLR).
The Act also mandates buyers to pay the interest rate of 10% on delayed payment of their dues instead of 12% to 18% as contracted in the sales agreement.
The Act also mandates buyers to pay the interest rate of 10% on delayed payment of their dues instead of 12% to 18% as contracted in the sales agreement.
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Adv. Najamuz Zaman Khan
Allahabad | 25+ Answers
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