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Good news for home buyers! Builders may have to pay 11% interest for delay in housing projects

Good news for home buyers! Builders may have to pay 11% interest for delay in housing projects

In what could bring smiles to lakhs of home buyers who have been left in the lurch owing to delay in possession of housing projects, developers might have to pay a handsome interest for the delay in projects, as per a news daily report.

The Times of India has reported that builders may have to pay 11% interest for delay in housing projects.

Last week, Centre unveiled draft rules for five Union Territories under the Real Estate Act which seeks to regulate the real estate sector, bring in transparency and help protect consumer interests.

The Housing and Urban Poverty Alleviation Ministry has posted the draft rules on its website for UTs without legislature–Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep —    and sought objections and suggestions from public in two weeks, an official release said.

The Real Estate (Regulation and Development) Bill, 2016 was passed by the Parliament in March.

Non-discrimination against anyone in allotment of apartment and deposit of 70 percent money realised by promoter in a separate account for meeting construction and land cost are some of the key highlights of the draft rules.

As per the draft, interest to be paid by promoters and allottees for delays would be SBI Prime Lending Rate plus 2 percent, the release said.

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Axiom Landbase

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