RERA Law
Delayed Possession Compensation
Compensation a developer is required to pay a homebuyer for delay beyond the promised possession date, typically calculated as interest on the amount paid.
RERA specifically entitles buyers to compensation for delayed possession, and buyers can choose between claiming this delay compensation while continuing with the purchase, or seeking a full refund with interest if they no longer wish to proceed.
The builder-buyer agreement, and RERA's standard provisions, typically specify how this compensation is calculated.
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