• 36 minutes ago

Pay 6% interest on flat’s cost for delay: Supreme Court to builders

Aug 25, 2020, 12:01PM ISTSource: TOI.in

A bench of Justices D Y Chandrachud and K M Joseph asked DLF Southern Homes Pvt Ltd (now known as BEGUR OMR Homes Pvt Ltd) and Annabel Builders & Developers Pvt Ltd, which were constructing 1980 dwelling units at Begu in Bengaluru, to pay 6% interest per annum on the cost of the flats to those buyers who were handed over possession after a delay of two to four years. The bench said this would be in addition to the Rs 5 per square foot penalty per month the developer had agreed to pay for the delay in delivery (which works out to Rs 7,500 per month for a 1,500 sq ft flat) under the ABA.

ad
Get the app