Homebuyers may get 11% interest for delayed projects: Report

Bringing relief to thousands of homebuyers who have not been given possession of their homes, builders may have to pay 11.2 per cent interest for the delay in handing over apartments and homes, says a report in TOI.

This comes close on the heels of real estate draft rules unveiled by the government for Union Territories. The rules state that projects without a completion certificate will have to register with the Real Estate Regulatory Authority to be set up in states/UTs within three months of the rules being notified.

The Real Estate (Regulation and Development) Bill, 2016 was passed by the Parliament in March.

To bring in transparency and help protect home buyers, the developers will have to give information on completion date of a project, size of flats and promised facilities, state the draft rules, which were published online by the government to seek suggestions.