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. CHS, property-related issues
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