Mumbai: After homebuyers complained to the authority about developers pushing back the date of possession by months or years while registering the project, the Real Estate Regulatory Authority (RERA) has decided to direct developers to pay the interest rate to buyers for delays. Hundreds of buyers were shocked to see their project completion dates in the RERA registration revised to a much later date.
According to the RERA Act, 2016, developers are mandated to mention the delivery date of the project. The developers will incur penalties if they fail to complete the project on the date. Developers are giving deadlines for project completion to MahaRERA are different from the ones that were promised to the buyers. Several buyers alleged that the date on the sale of agreement is different.
The authority has decided to fine the developer for the delays. A senior RERA official said, “The developers will have to pay the interest rate to the buyers. Also, if the buyer wants the developer to pay the rent amount after delay, the developer will have to pay up.”
