Sanjay
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Penalty on builder for late handing over of Flat
Q: Hi guys, I have recently received letter from Parsvnath to pay remaining amount and take over the property. No where they have mentioned about Rs 5 Psqf/month penalty for delayed completion. Can somebody advice how he/she is dealing with this? Regards Sanjay

Latest Answer: I do not agree that this project had a delay just 10-12 months. I remember the foundation work started in mid 2005. This makes the project due mid 2008 or late 2008 with their 6 months grace period per the agreement. With this the delay is minimum of 24+ months. Also, the Rs 5/- PSF is acceptable if the project is late by few months. This has been 24 + months delay. The overall interest over the 2-3 years would be much more than amount they are offering. A much larger compensation is appropriate and this is only possible through legal path. I plan on taking the possession and then start the legal path.

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