I asked the builder to adjust the demand notice for the last project milestone with the interest due to be paid to me for the delay. The builder at first declined to give interest for delay, however, he called for a reconciliation meeting once I initiated a complaint in MahaRERA. During the meeting the builder stated that I am liable to pay them interest for delay in milestone payments which is more than the amount they are liable to pay me for delayed possession. In the meeting I tried to understand the way the amounts are being calculated and they are as follows:
1. Interest to be paid by the buyer - Calculated as daily interest for all the construction milestones as delay in payment from the date the demand was raised to the date amount was paid
2. Interest to be paid by the builder - Calculated as the interest to be paid for the delay in possession from the date the promised data to the date the OC was received
The builder is saying that they have used the above calculation after consulting their RERA lawyers, however, I am doubtful the method of calculation is correct as MahaRERA clause states that the amount paid by the builder is to be calculated from the date the amounts were received by the builder.
Can you please provide guidance on the correct calculation for the amount liability for both the buyer and the builder. I am planning to retain the apartment.
I am also considering the financial impact of cancelling the registration. I guess the registration amount and the amount paid as service tax till date paid, the VAT amount and any administration charges that the builder can charge (10% of apartment value as per the agreement of sale).
Need guidance if I should dispute the case in MahaRERA or is the calculation provided by the builder correct.
I request you to go through the Sale Deed of your flat, terms and conditions stated there in, for delay charges to the customer in making the flat cost's installment and delay charges to the builder, to be given to the buyer of the flat, for delay in giving the possession of the flat.
Builder cannot levy you any additional charges as you have agreed upon in the Sale Deed.
Similarly, builder will pay you the compensation for delay in giving the possession of your flat. as agreed upon in the Sale Deed.
Also, these delay charges of the buyer and seller should be in confirmation of MahaRERA's such delay charges, as stated on MashaRERA site.
Kindly go through all such delay charges' terms and conditions, stated in your Sale Deed and on MahaRERA site.
If you cannot calculate these delay charges of customer (your charges to be paid to builder, for delayed installment of flat's price) and builder's charges to you, for delay in delivery of flat to you, contact some banker for delay charge's calculations.
Then present your case to MahaRERA for rectification of delay charges from both the sides.
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