Real Estate India: What is the penalty for the late delivery of Prelaunch Real Estate Properties?

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Question asked by Arjun:

I bought a plot measuring 500 sq yds in a pre launch offer from a reputed builder. There was a clause in the agreement, which stated that if the builder could not allot the plots in a specified timeframe, 18% interest would be accumulated on the deposit. Now after a delay of 14 months, the builder is finally in a position to allot the plots. He is not recognizing the clause for penalty. Is there any legal shelter I have?

Vatsala Answers:

You can approach the Consumer Court in the place where the property is situated and file a case for deficiency of service. You can claim compensation for the delay with interest.

For more information, kindly visit at Real Estate India or Online Real Estate Video.

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