MAHARERA ordered the developer to pay interest to home buyers for the delay in possession

Dated on: Tuesday 24th April 2018

In the recent order of Maharashtra, seven home buyers were entitled to interest on delay in possession by the builder by three years. The possession date specified by the developer was December 21, 2014.The breathing spell of at least six months was also granted after which the possession date was June 30, 2015. Till now, the possession of the flats has not been handed over to the allottees,” said Singh. Hence, the complainants demanded interest for delayed possession under section 18 of the Real Estate (Regulation and Development) act of 2016. “There was adequate time for the developer to complete the project and handover the possession of the said flat even before the RERA act coming into effect in May 2017,” stated the order. Thereby, the bench ordered the developer to pay interest to the allottees for delayed possession at the prescribed rate under RERA act.