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Paying six per cent interest on flat cost for delay a huge burden: Realtors

While developers say it will be a huge burden for them in addition to penalties under RERA, other experts suggest the apex court verdict would be beneficial for buyers

The deal is structured in such a way that Apollo will come in as senior lender in certain developer loans Piramal will give

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Developers have said construction at sites were haulted in April and May due to lockdown and projects would be delayed because of the lockdown.

Raghavendra Kamath Mumbai

3 min read Last Updated : Aug 25 2020 | 1:38 PM IST

Property developers said that the Supreme Court order asking a developer to pay six per cent interest on a flat's cost to buyers for the delay in delivery of properties, will be an additional burden on them. On Monday, the Apex Court ordered DLF Homes to pay six per cent interest on flat's cost for delay.

But many in the industry said the implementation of the order is challenging. "In Rera (Real Estate Regulation and Development ) Act here is already penalty for delay in delivery of a project. Anything additional will be a huge burden", said a prominent developer

Topics : Lockdown Real Estate property market Supreme Court homebuyers RERA DLF Realty

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