I am negotiating the terms of an apartment with a well known builder. They are promising the delivery of that phase of project by Aug 2022 and they say the same will be written in the agreement as well, beyond which, the builder will pay 8.65% interest in case of delays. However, I checked on the RERA website and their completion date for this phase is listed as April-2025.
When I checked with the sales team of the project, they didn't have a satisfactory answer. They mentioned that "this is for the whole project and not just this phase" but that is clearly untrue because phase 2 of the project is also promised for Aug 2023 (but Apr 2027 as per RERA website).
1. In case of delays, will the penalty be as per the date in agreement or the date on the RERA certificate?
2. In case there is a dispute w.r.t. the same, will RERA consider the date in agreement as the completion date?
Location: Bangalore, Karnataka
Both the phases of the project are RERA approved.
RERA Act aims to improve the real estate market, encourage transparency, accountability, and appreciation for promises made. Every project needs to authorize with RERA under each individual state rule. ... Any mishaps and delays are solved under the RERA dispute resolution system. Get clarify from the R.E.R.A about the time bound projects. not from buildders.
