Summary:
If a builder doesn't pay a home buyer the interest he is obliged to pay, then the amount will be adjusted with the outstanding payable by the home buyer, as ordered by Maharashtra Real Estate Regulatory Authority (MahaRERA). The home buyer later sought interest on the amount he had paid to the developer. The developer back in 2018 had said that the project had got delayed because of various reason including demonetisation and implementation of RERA act. MahaRERA in September 2018's order had asked the developer to pay an interest to the home buyer at the marginal cost lending rate plus two per cent from May 2017 till handing over the possession. Dr Vijay Satbir Singh, member, MahaRERA said, "MahaRERA directs that the interest amount payable by the developer to the home buyers shall be adjusted with the outstanding balance amount payable by the home buyer towards the cost of the flat.".