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Last Updated On 03-Jul-2021
Consumer Protection

Can I get interest from Builder for late handover of flat?

Apartment registered in June 2019, but handed to us only in Jan 2020. Is the builder liable to pay interest for the loan taken -- for the period from June 2019 to June 2020

( Bangalore, Karnataka )

02-Jul-2021

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A.
Dekhiye jab aap ne flate lene ke liye builder se baat ki thi tab aap or builder ke madhaye ek agreement likha gya hoga. Usme kuch terms or conditions likhi gai hogi.
Kya interest ke liye koi conditions likhi gai thi ki yadi time limit ke antargat flate par aap ka possession nhi karaya gya tab us money par interest builder dega.
But agar aisa nhi hai tab aap interest ki demand nhi kar sakte.
Agar time limit ke antargat possession kara diya gya hai tab bhi aap interest ke liye claims nhi kar sakte hai.
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Posted On 03-Jul-2021
Vidhikarya
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You are entitled to send a legal notice u/s 18 of the Real estate Regulation and Development) Act,2016(RERA) to that builder asking him to pay State Bank of India highest Marginal Cost of Lending Rate(MCLR)) plus two percent interest on the value of the property for delayed possession of flats as specified under the RERA Act, 2016 and in default to file case before the State Real Estate Regulatory Authority.
Posted On 03-Jul-2021
Vidhikarya
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Dear Sir,
Builder is liable to pay interest since he delayed handing over the Apartment. If you are in possession of the property then make an issue to recover the same otherwise first take the possession then get issue a legal notice for such interest.


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Posted On 03-Jul-2021
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Since there is such a huge difference between registration and handing over of the property then you can also institute a suit and seek compensation on the grounds of interest and loan taken by you.
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Posted On 03-Jul-2021
Vidhikarya
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Dear Sir/Madam,
if the difference between registration and handing over has been this big then you can surely institute a suit for the delay and seek compensation from the builder.
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Posted On 03-Jul-2021
Vidhikarya
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