After the elapse of extended period to deliver possession, you can file a complaint against builder in rera consumer court when you can claim refund along with interest @ 18%, compensation for mental harassment and agony and litigation expenses from the builder.

Do not give you anything in writing stating that you have agreed to give him for the extension of one year.

It is open for your to claim a refund of your deposit along with interest. If you approach the Authority with a complaint seeking refund, the Authority will easily pass an order of refund in your favor. In accordance with the RERA rules, you be given interest at SBI MCLR+1%

Hi,it is advisable to file a complaint at RERA bench Noida ..As per section 18 of RERA if the builder delays the project you are entitled to get delayed interest upto 10.75 percent every month till he provide you possession of the property..The RERA act has an overriding effect over the terms and conditions mentioned in the agreement 

1) agreement is arbitrary , one sided to protect builder 

2) in case of delay in completion you can file complaint against builder before RERA and seek orders to direct builder to pay you interest at 10 per cent for delay in delivery of possession 

3) RERA provides for interest at State Bank of India highest Marginal Cost of Lending Rate plus two percent.at present as SBI’s MCLR is 8%, developers will have to pay 10% interest on the paid amount to the buyers. 

Default clause not maintainable and you are entitle to interest as per RERA rules. Developers are required to pay 10% interest to the buyers on the invested amount as against the Rs 5 to Rs 10 per sq feet penalty contracted in the sales agreement. 

Claim your demands for interest by a written communication to the builder. If they fail to pay the interest within reasonable time you can file a complaint with the RERA authority. 

Dear Sir,

RERA: Homebuyers to get 10% penalty for delay in projects, but is that enough?

There are a number of clauses in the Act that aims toward protecting the buyer’s interest and envisage a transparent system in the real estate sector.

In a bid to protect the interest of home buyers as well as weed out non-serious and unscrupulous players from the market, the Real Estate (Regulation and Development) Act, 2016 (RERA) has proposed heavy penalties on builders who will henceforth either delay their projects or won’t comply with RERA norms.

For instance, RERA recommends imprisonment for a term which may extend up to three years, or fine which may extend up to 10% of the estimated cost of the real estate project, or both, in case of non-compliance with the Act. Moreover, in case of any structural defects arising within five years of handing over the possession of project to buyers, developers will be liable to rectify such defects without further charge.

If a project is delayed, which has become the sector norm today, developers are required to pay 10% interest to the buyers on the invested amount as against the Rs 5 to Rs 10 per sq feet penalty contracted in the sales agreement. It may be noted that a majority of developers are currently charging 12% to 18% – going up to 36% in some cases – interest from buyers for any delay in payment, while they themselves usually pay in the range of Rs 5 to Rs 10 per sq ft even in case of a luxurious project, which is not a fair deal to buyers.

However, after coming into force, RERA has raised the expectations of buyers multifold. In fact, the buyers who suffered from the delay in delivery of the projects or the

See.you can file for the compensation under RERA you will get around 10 percent of interest on the delay under  the RERA law approach the RERA authority also you can seek cancellation and Refund with interest.

You can file complaint before rera authority or you should file a consumer complaint for ‘deficiency in service’ as defined under the Consumer Protection Act, 1986 against the builder.

It is applicable in UP-RERA as well.

Delay is a sufficient ground to seek refund alongwith interest, compensation and litigation expense.

Normally, 12-15 percent annual interest is awarded by the court, but it depends on the facts, merits of your case and efficiency of your lawyer. 

You would get refund at 10 per cent per annum for delay in delivery of possession 

2) file complaint only after August 2019 ie the day mentioned in sale deed for delivery of possession 

2) in UP RERA also you would get refund if there is delay on builder part 

If the amount of compensation has been agreed upon then you shall be paid Rs. 10/15 per square feet. A GO has been issued by UP RERA to this effect 

You can seek refund on the ground of delay made by the builder. In case you want better rate of interest then you may approach the State Consumer forum if the valuation of the property is above 20 Lakhs. 

Regards 

Yes it is applicable under UP RERA as well. Yes delay is default and breach of agreement on part of the builder. THe interest applicable shall be as decided by hon'ble tribunal near to bank interest rates +1 or 2 percent. 

The terms mentioned in the agreement does not cover our interest and hence there is not much benefit if you rely upon it.

So if there is inordinate delay then you can claim damages and compensation by filing a case before the consumer forum which is equipped to give much more remedy than you can get in RERA Tribunal.

Hi,yes under the same section you can also ask for refund at same rate interest of 10.75 percent..The allotte has a option for either of the relief 

You will get the same as per your agreement with builder. If the said interest is negligible then rera has power to invoke penal provision on the cost of project. 

The interest portion for the delay in their side has already been mentioned by them in the agreement. 

They may not give anything more than that. 

However the latest supreme court judgment states that one sided agreement made by the builder is not valid hence on that basis you may drag the builder to consumer forum seeking your genuine demand,  let the court decide. 

If you want to cancel the booking you may do so citing their inordinate delay as a reason. 

You can claim the same interest what he charges you for delay in payment. 

You can approach RERA also first and then move to consumer forum. 

Yes.

Delay in possession sufficient.

Dear Sir,

The following information may kindly be read:

 UP RERA Rules the penalty rate of interest for delayed handover

Over the years, we the home buyers have been subjected to loot and harassment by the unscrupulous builders. One of the key issues we have been facing today is the inordinate delays in possession, which in some cases, runs up to 5 to 6 years from the promised delivery date. All such builders take almost 80 to 90% of the cost during basic construction stage and probably divert the funds to their other projects, causing end-less delays. All of us have been losing lakhs of Rupees towards interest on our deposits and interest that we pay towards the bank loan. Still we are helpless and couldn’t do much about it as we are forced to sign one-sided agreement, intentionally designed to favor the builder, wherein the buyer pays 18 – 24% interest for any delayed payment, and the builder pays only INR 5/- per sq. ft per month for the delayed delivery. Isn’t it quite unfair?

To protect the interest of homebuyers, the newly enacted Real Estate (Regulation and Development) Act, 2016 (RERA) has proposed heavy penalties on builders for delayed delivery of flats. The RERA Act Chapter 1, section 2(za)-ii says the rate of interest should be equal for both buyers and builder. Further the Central Government has recommended a standard rate of interest as SBI’s prime lending rate (PLR) + 2%, which comes to around 10%, through the draft rule, for the states to adopt. Most of the states, such as Maharashtra, Madhya Pradesh, Haryana, Punjab, Bihar, Bengal, Odisha have adopted the central government recommendation and have stated SBI PLR / MCLR + 2% as rate of interest as delayed penalty. All of us, with a sigh of relief, hoped such provisions of RERA will help us address the issue.

However, to our dismay, the UP RERA Rules, Chapter V Clause 15, with a header “Rate of Interest Payable by the promoter and the allottee”, describes data back-up procedure, and conveniently omitted the penalty rate of interest clause. This has happened even though UP is the largest affected state with lakhs of home buyers being cheated by unscrupulous builders. There are thousands of complaints made to UP RERA authority to clarify penalty to be paid by the builder for the delay. Taking advantage of this omission in the UP RERA Rule, the state RERA authority is giving arbitrary judgements in favor of the builders.

Can we allow this to continue?

If the government is really concerned about the home buyer’s apathy and sincere about protecting our hard-earned money being usurped by the builders, then immediate action should be taken to amend the UP RERA Rules to include the rate of interest as recommended by the central government. Also, the government should investigate why the central government recommended rate of interest, which has been adopted by most of the states, have not been adopted by UP so far?

Yes, this is applicable to UP RERA too.

Ground of delayed project is sufficient to seek refund.

You will be awarded interest @9.45% by UP RERA. 

1. Ground can be the only or two or more, there is no specific one on which you can claim refund plus interest (18 percent per annum) as it is your wish after the breach of the contract by the builder to decide as to whether you should continue with the contract after getting some monetary compensation or want to cancel the same with refund of money.
2. Yes, it will applicable in your state also. You will have to first file an online complaint over RERA website.
3. Then wait for 15 days for any reply from the RERA and if no reply then you will have to file an offline complaint therein specifying the details of the online complaint as well.