Bombay High Court orders RERA interest until keys delivered
If your builder delays handing over your flat, you are now officially owed monthly interest until you get the keys, no excuses.
That is what the Bombay High Court just ruled, saying this right under RERA is "absolute" and cannot be blocked by force majeure or tricky contract terms.
This all came up after Runwal Constructions delayed giving possession for almost 16 years.
Runwal Constructions must pay 10.05% interest
The court did not hold back on Runwal Constructions, upholding a RERA order that makes them pay buyers 10.05% annual interest from February 2014 until they finally deliver the flats.
The judges also criticized the developer for trying to dodge responsibility with legal loopholes and misleading city officials about demolishing part of a building.
In addition, the court ordered Runwal Constructions to pay ₹1 lakh each to the flat buyers as costs within four weeks.