Home |K-RERA | If there is a delay in getting possession of flat from the promoter, will the buyer of flat get interest on the amount paid by him?

If there is a delay in getting possession of flat from the promoter, will the buyer of flat get interest on the amount paid by him?

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IT RERA Kerala Real Estate Regulatory Authority (K-RERA), Government of Kerala verified
Answered on August 04,2021

As per subsection 1 (b) of Section 18 of the Real Estate (Regulation and Development) Act, 2016, if the promoter fails to complete or give possession of the apartment, plot or building by the date specified, the allottee shall be paid, by the promoter, interest for every month of delay, till handing over of the possession, at such rate as may be prescribed.

Any aggrieved person may file a complaint with the adjudicating officer for compensation under Section 18 of the Act in Form N which shall be accompanied by a fee of rupees 1000 in the form of a demand draft drawn on a nationalised bank in favour of Kerala Real Estate Regulatory Authority. 

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