If the promoter fails to complete the project within the time as specified in the sale agreement or delays the property possession, they have to return the amount received from the buyer, along with the due interest.
The interest decided is 10% of the amount invested by the buyer.
If the builder fails to pay the required compensation, he can face a fine of up to 10 % of the estimated cost of the project or imprisonment for a term that may extend to 3 years or both.
In case the builder decides to change the project’s possession date, then the buyer can legally withdraw from the project and claim a refund of the paid amount within forty-five days.
If the buyer doesn’t withdraw the property possession, then the builder will have to compensate the buyer for the delay in the form of monthly interest till he hands over the property.
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What is possession delay penalty as per RERA if BBA was created in 2015 before RERA and project delivered in 2022?
Anonymous
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1
3 Year
2022-12-12T10:39:13+00:00 2022-12-12T10:39:13+00:00Comment
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