The builder is legally entitled to request interest on overdue payments at any moment, so you should speak with him and bring up his delay to show that he intends to take advantage of the situation. According to RERA's sanction for possession delays, a builder faces up to 3 years in prison or a fine equal to 10% of the project's expected cost.
The decision was made by the National Consumer Disputes Redressal Commission. It has been said that homebuyers must pay 18% interest annually in the event of any delay in instalment payments. In the past, builders just had to pay 1.5–2% in case of project delays. The NCDRC has thus determined that this is an unfair trade practice that should no longer be used.
Know about the penalties and rights of buyers and builders from the experts at NoBroker.Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
What is penalty claimed by builder against buyer?
rehan
793 Views
1
2 Year
2023-02-20T10:12:27+00:00 2023-04-12T03:53:44+00:00Comment
Share