One of the most common questions from buyers is: “If I have already taken possession of my flat, can I still ask the builder for delay compensation?”
What is Delay Interest?
Under RERA, if the builder fails to hand over your home on time, you are entitled to Delay Interest. This is usually calculated monthly at the rate fixed by your State RERA. It is meant to compensate you for the late delivery.
After Possession – Do Rights End?
No. Taking possession does not mean you lose your right to claim interest for the period of delay.
- RERA authorities and courts have held that the right to compensation continues even after possession.
- Even if you accept the keys, you can later claim delay interest for the time the builder was delayed.
- Even if you signed an agreement stating you have no right to claim delay interest after possession, your claim may still be considered by RERA or the court depending on the circumstances.
What Should Buyers Do?
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- Keep your agreement, receipts, and possession letter safely.
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- Approach RERA or the consumer forum with a complaint for delay interest.
FAQs
Q. Can I file for delay interest if I moved into my flat two years ago?
Ans. Yes. The right to claim compensation for the delay period generally survives even after moving in, subject to limitation rules.
Q. What if I signed a possession letter with a “no-claim” clause?
Ans. Such clauses can be challenged, but they may weaken your case. Always take legal advice before signing.
Q. How is delay interest calculated?
Ans. Each State RERA prescribes a rate, often linked to SBI’s lending rates. Interest is usually payable for each month of delay between the promised and actual possession date.