Interest charged for default by buyer cut
Tamil Nadu Real Estate Regulatory Authority ruled that 18% interest charged by a builder from a home buyer for delay in payment was unfair and one-sided and slashed it to 10.20%. The developer had also told the buyer that it would charge 18% interest for the delayed payment as per the construction agreement. Therefore, the compensation and interest in Clause-5 and Clause-13 respectively was extremely unfair and one-sided and fall within the definition of ‘unfair trade practice’ under Section-2 of the Consumer Protection Act, 1986 following the dictum laid down by the Supreme Court and the National Consumer Redressal Commission, New Delhi, it added. Therefore, the Authority directed that the interest rate of 10.20% prescribed by it under the Real Estate Act 2016, shall be adopted by the builder for delayed payment by the buyer.
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