What are the charges for delayed payment, in case of sale of property

Hi there,

If a builder cannot provide an apartment after promising the date of possession, the buyer can file a case against the builder in the consumer court. Of course, if this is the case the builder or the seller has to pay some penalty charges. I was reading the news where one builder has to pay a penalty for delay at the rate of Rs 5 per square foot. As of now, there are no rules and regulations specified for penalty charges for delaying. It depends on how long the possession has been delayed. Hire a lawyer and talk to him regarding this.

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