Builders to pay 10.9% interest for delay in house delivery
Union government on Monday issued Real Estate Rules, 2016, which requires developers to refund or pay compensation to allottees at 10.9% interest rate within 45 days of payments being due. The interest rate has been set at 2% above the SBI's highest marginal cost of lending. The rules also require regulators to give judgements within 60 days of complaint filing.