How to claim compensation over delay in possession?- Property Hotline
August 10, 2016
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1:58What recourse to avail over non-approval of sale of flat?- Property Hotline
4:44Now PlayingHow to claim compensation over delay in possession?- Property Hotline
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as posted by the channelExpert: Vinay Singh, Legal & Tax Expert.
Question: I bought a flat in Lotus Zing by 3C Company in Noida. As per the builder-buyer agreement, the builder agreed that he will pay 'X' amount as compensation in case of delay in possession. According to the agreement, the builder will pay Rs5/sq. ft. for a 3 month delay, Rs10/sq. ft. for a 6 month delay and Rs13/sq. ft. if the delay is over 6 months. According to this clause, this compensation is applicable only if I pay my instalments on time. In case I delay my payments, I will be charged 18% as interest. Is this clause justified? I have paid the interest for delaying 1-2 instalments. The builder has delayed possession by 3-4 years. Will he not pay compensation? The project could be delayed further by 1-2 years.
Answer: There is no law on the subject of interest or compensation. You have agreed to this and it is difficult to now argue that the clause is unjustified. However, the delay by the builder does give you a right to demand compensation and the consumer forum will surely be of help to you once you approach them.
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