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Home / Legal / Is Interest for delayed possession payable in a situation where RERA has given an extension but the possession is delayed by 4 years as per agreement terms?
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Is Interest for delayed possession payable in a situation where RERA has given an extension but the possession is delayed by 4 years as per agreement terms?

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0 2023-01-06T23:24:40+00:00
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From what I know, the maximum grace time must generally be 6 months from the date of possession indicated in the agreement. A builder who delays the possession of apartments is subject to a 10% interest charge under the RERA Act. However, if RERA has granted an extension and the builder has not exceeded that extension period, I think you will not be entitled to the interest, But I would suggest you consult with a lawyer on the matter.

Read More: What is the possession delay penalty as per RERA?

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Shaha Ritika

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