Bombay High Court allows buyers to claim interest, upholds deadlines
India
If your builder delays handing over your apartment, you can now claim interest thanks to a Bombay High Court ruling.
The court said that deadlines in home agreements are legally binding, even if you've accepted revised dates, and dismissed the developer's appeal against paying up.
Tribunal ordered developer pay compensatory interest
Buyers had booked apartments as early as 2011, with promises of getting possession by June 30, 2015. But after paying almost everything, they were left waiting even longer.
In March 2021, a tribunal ordered the developer to pay buyers compensatory interest for delayed possession, so this ruling means buyers' rights are protected under RERA, no matter what the builder says.