Nirmal Lifestyle Blu Diamond One Edition in Kurla, the delayed project
MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRera) recently directed a builder to pay interest for the past 14 years on the amount paid by a buyer for a flat in a high-rise in Kurla for failure to mention the date of possession in a 2003 agreement for sale.
The builder, Nirmal Lifestyle Ltd, has to pay simple interest at 9% per annum since September 2006, when the project ought to have been completed, said MahaRera in its order on December 17.
The interest has to be paid on the about Rs 28 lakh that was paid, and till the handing over of possession, directed MahaRera. The builder said the flat would be completed by December this year and MahaRera directed that possession should be given by then and no later than that.