Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Builders may have to pay 11% interest on delayed projects -Prabhakar Sinha    </title>
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NEW DELHI: Developers may have to pay 11.2 per cent interest to buyers for delay in handing over apartments and homes, according to draft rules unveiled by the government, a step seen as bringing relief to homebuyers..."/>
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                            <div align="justify">-The Times of India<br /><em><br />NEW DELHI: </em>Developers may have to pay 11.2 per cent interest to buyers for delay in handing over apartments and homes, according to draft rules unveiled by the government, a step seen as bringing relief to homebuyers reeling under the impact of delayed projects and mounting loan liabilities.<br /><br />The rules also say projects without a completion certificate will have to register with the Real Estate Regulatory Authority, to be set up in states/UTs within three months of the rules being notified. Builders will have to give information on completion date of a project, size of flats and promised facilities, state the draft rules, published to seek public comments till July 8.<br /><br />The draft real estate rules have been formulated by the housing and urban poverty alleviation ministry within two months of some sections of the Real Estate (Development and Regulation) Act, 2016, coming into force on May 1. The interest rate compensation has been proposed to be 2 percentage points over and above the prime lending rate (PLR) of State Bank of India. Normally, a home loan from SBI is pegged at 0.20 percentage points to 0.80 percentage points over and above the MCLR (marginal cost of fundbased lending rate) at 9.15 per cent, which is the PLR for a retail loan. That means, rates for compensation would be 11.2 per cent as against the home loan rate of 9.35 per cent to 9.95 per cent.<br /><br />Any violation such as delay in offering possession, increase in the size of apartments, change in layout and construction of additional towers in a project without taking consent from 70 per cent of the allottees can lead to cancellation of registration. In such a situation, the authority can take any decision, including getting the project completed by an external agency with the consent of the buyers' association. <br /><br />Please <a href="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?" title="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?">click here</a> to read more. <br /></div>                                                           
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                            <div align="justify">-The Times of India<br /><em><br />NEW DELHI: </em>Developers may have to pay 11.2 per cent interest to buyers for delay in handing over apartments and homes, according to draft rules unveiled by the government, a step seen as bringing relief to homebuyers reeling under the impact of delayed projects and mounting loan liabilities.<br /><br />The rules also say projects without a completion certificate will have to register with the Real Estate Regulatory Authority, to be set up in states/UTs within three months of the rules being notified. Builders will have to give information on completion date of a project, size of flats and promised facilities, state the draft rules, published to seek public comments till July 8.<br /><br />The draft real estate rules have been formulated by the housing and urban poverty alleviation ministry within two months of some sections of the Real Estate (Development and Regulation) Act, 2016, coming into force on May 1. The interest rate compensation has been proposed to be 2 percentage points over and above the prime lending rate (PLR) of State Bank of India. Normally, a home loan from SBI is pegged at 0.20 percentage points to 0.80 percentage points over and above the MCLR (marginal cost of fundbased lending rate) at 9.15 per cent, which is the PLR for a retail loan. That means, rates for compensation would be 11.2 per cent as against the home loan rate of 9.35 per cent to 9.95 per cent.<br /><br />Any violation such as delay in offering possession, increase in the size of apartments, change in layout and construction of additional towers in a project without taking consent from 70 per cent of the allottees can lead to cancellation of registration. In such a situation, the authority can take any decision, including getting the project completed by an external agency with the consent of the buyers' association. <br /><br />Please <a href="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?" title="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">Builders may have to pay 11% interest on delayed projects -Prabhakar Sinha</h1>
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                            <div align="justify">-The Times of India<br /><em><br />NEW DELHI: </em>Developers may have to pay 11.2 per cent interest to buyers for delay in handing over apartments and homes, according to draft rules unveiled by the government, a step seen as bringing relief to homebuyers reeling under the impact of delayed projects and mounting loan liabilities.<br /><br />The rules also say projects without a completion certificate will have to register with the Real Estate Regulatory Authority, to be set up in states/UTs within three months of the rules being notified. Builders will have to give information on completion date of a project, size of flats and promised facilities, state the draft rules, published to seek public comments till July 8.<br /><br />The draft real estate rules have been formulated by the housing and urban poverty alleviation ministry within two months of some sections of the Real Estate (Development and Regulation) Act, 2016, coming into force on May 1. The interest rate compensation has been proposed to be 2 percentage points over and above the prime lending rate (PLR) of State Bank of India. Normally, a home loan from SBI is pegged at 0.20 percentage points to 0.80 percentage points over and above the MCLR (marginal cost of fundbased lending rate) at 9.15 per cent, which is the PLR for a retail loan. That means, rates for compensation would be 11.2 per cent as against the home loan rate of 9.35 per cent to 9.95 per cent.<br /><br />Any violation such as delay in offering possession, increase in the size of apartments, change in layout and construction of additional towers in a project without taking consent from 70 per cent of the allottees can lead to cancellation of registration. In such a situation, the authority can take any decision, including getting the project completed by an external agency with the consent of the buyers' association. <br /><br />Please <a href="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?" title="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?" class="re" target="_blank">The Times of India, 29 June, 2016, http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?</a><div class="clear"></div>
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Home हिन्दी

Builders may have to pay 11% interest on delayed projects -Prabhakar Sinha

Published on Jun 29, 2016   Modified on Jun 29, 2016

-The Times of India NEW DELHI: Developers may have to pay 11.2 per cent interest to buyers for delay in handing over apartments and homes, according to draft rules unveiled by the government, a step seen as bringing relief to homebuyers reeling under the impact of delayed projects and mounting loan liabilities. The rules also say projects without a completion certificate will have to register with the Real Estate Regulatory Authority, to be set up in states/UTs within three months of the rules being notified. Builders will have to give information on completion date of a project, size of flats and promised facilities, state the draft rules, published to seek public comments till July 8. The draft real estate rules have been formulated by the housing and urban poverty alleviation ministry within two months of some sections of the Real Estate (Development and Regulation) Act, 2016, coming into force on May 1. The interest rate compensation has been proposed to be 2 percentage points over and above the prime lending rate (PLR) of State Bank of India. Normally, a home loan from SBI is pegged at 0.20 percentage points to 0.80 percentage points over and above the MCLR (marginal cost of fundbased lending rate) at 9.15 per cent, which is the PLR for a retail loan. That means, rates for compensation would be 11.2 per cent as against the home loan rate of 9.35 per cent to 9.95 per cent. Any violation such as delay in offering possession, increase in the size of apartments, change in layout and construction of additional towers in a project without taking consent from 70 per cent of the allottees can lead to cancellation of registration. In such a situation, the authority can take any decision, including getting the project completed by an external agency with the consent of the buyers' association. Please click here to read more.

The Times of India, 29 June, 2016, http://timesofindia.indiatimes.com/india/Builders-may-have-to-pay-11-interest-on-delayed-projects/articleshow/52964626.cms?

Tagged with: Delayed Projects Real Estate Regulatory Authority Builders Real Estate (Development and Regulation) Act (2016) RERA Consumer Rights

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