This is the amount your builder has to pay you over delayed possession

Here’s some good news for people who are still awaiting possession of their dream home and are hit by delayed delivery. The builders will now have to pay you 10.9% interest if they delay delivery.

Under the Real Estate Regulation Act (RERA), notified by the Indian government, buyers will get an interest for delayed possession and in case a buyer is seeking a refund, they will now be entitled to a refund on the entire payment at the same rate.

The builder will have to repay the amount within 45 days of the claim and the interest rate has been fixed at 2 percentage points above the SBI's marginal cost of funds (the current benchmark lending rate for banks).

Also, developers of the projects underway will also to deposit 70% of the funds collected, which have to remain unused.

This new move has given some security to the home buyers, who are often caught with delayed possession. Now, the developers will be held more accountable.