HI, I have booked flat in Fairfield A and committed possession was June 2010. The clause in the agreement on delayed possession is as below.
" In the event, the Builder/Promoter fails to handover the possession of the Residential Flat to the Purchaser beyond the said grace period of 6 months then in that event Builder/Promoter shall, on demand, be liable to refund to the Purchaser compensation calculated at the rate of 12 per cent per annum on the amounts paid by the Purchaser from the date of expiry of such grace period of 6 months, till the possession, of the Residential Flat."
This would mean if we have not paid any amount during the grace period and the delayed/extended period, Lodha is not responsible to pay any compensation (which was incidently 12%). Smart One-sided clause,as they have ensured that almost 95% payment is done by everyone well before the committed possession date and remaining 5% will happen on possession, so no penalty applicable from Lodha's end. On other hHI, I have booked flat in Fairfield A and committed possession was June 2010. The clause in the agreement on delayed possession is as below.
" In the event, the Builder/Promoter fails to handover the possession of the Residential Flat to the Purchaser beyond the said grace period of 6 months then in that event Builder/Promoter shall, on demand, be liable to refund to the Purchaser compensation calculated at the rate of 12 per cent per annum on the amounts paid by the Purchaser from the date of expiry of such grace period of 6 months, till the possession, of the Residential Flat."
This would mean if we have not paid any amount during the grace period and the delayed/extended period, Lodha is not responsible to pay any compensation (which was incidently 12%). Smart One-sided clause,as they have ensured that almost 95% payment is done by everyone well before the committed possession date and remaining 5% will happen on possession, so no penalty applicable from Lodha's end. On other h
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