Calculation of delayed possession penal interest against a builder.
3 years ago
Hi,
When a case is filed against a builder for delayed possession under a Consumer Court, how is the interest (on the deposited amount) calculated/arrive at:
1. Is the penal interest calculated from committed date of possession until the date of OC?
2. Or Is the penal interest calculated from committed date of possession until whenever the judgement is passed?
To clarify further under Option 1 above the delay is 3 years and under Option 3 it could be over 7 years till the case is finally heard and judgement delivered.
ARUN SINGH
Responded 3 years ago
A.Normally, Interest between 12 to 18% may be imposed by the court, from the scheduled date fixed about to hand over the possession or up to the date of Judgement passed , as per term of conditions mentioned in Agreement (BBA).
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Sanjay Kumar Jha
Responded 3 years ago
A.Dear Client,
Generally Interest may be imposed between 12 to 18% of interest by the court, from the scheduled date fixed about to hand over up to the date of Judgement passed , as per term of conditions.
Thanks
Generally Interest may be imposed between 12 to 18% of interest by the court, from the scheduled date fixed about to hand over up to the date of Judgement passed , as per term of conditions.
Thanks
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A.Dear Sir,
It is not so easy to get penal evidence because there is no jacket formula to get such interest and it will be at the discretion of the Consumer Court.
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It is not so easy to get penal evidence because there is no jacket formula to get such interest and it will be at the discretion of the Consumer Court.
Rate me Five Star*
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