Flat buyers entitled to interest under RERA for each month’s delay: Bombay HC
MUMBAI: Bombay HC on Monday held that under Real Estate (Regulation and Development) Act (Rera), buyers have an unqualified right to get interest every month for delayed possession.
Justice Madhav Jamdar held that the law was brought in to alleviate buyers’ woes and regulate construction to prevent delays, and developers cannot delay possession for years while expecting to escape the resultant statutory consequences under Rera. The court said buyers who stay with a project despite delays are unconditionally entitled to interest for every month of delay until possession.
Ten buyers had sought interest citing delay in a Mulund project they had booked in 2005-07. In 2018, an appellate tribunal under the Act directed the builder to pay interest from Feb 2014 till possession is given.
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