Kerala RERA orders Haritha Homes to pay 15% interest as penalty for delay in project

Dated on: Thursday 20th February 2020

Kerala RERA in its very first order ordered a builder to pay interest at 15% of the amount received from the buyer from the period starting from expiry of the agreed time of delivery till handing over of the apartment.As per the complainant, CR Subhash, he had entered into an agreement with the builder in 2014 to purchase an apartment 1,167 sq ft. It was agreed that the construction would be completed with all facilities on or before December 31, 2016.It directed the builder to register the project and complete the project and take an occupancy certificate within June 30, 2020 without fail. Further, it ordered that the builder shall pay interest at the rate of 15.2% for Rs 49.5 lakh starting from March 1, 2017, till the actual date of handing over the possession of the apartment

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