If a builder fails to give possession by the date in the agreement, an allottee who stays in the project is owed interest for every month of delay until possession. Everything runs in your browser; nothing you type is saved or sent.
RERA delay interest
Simple interest on what you paid, for each day possession is late.
₹40 lakh
Interest for the delay
₹7,00,274
639 days late (about 21.0 months)
10.00% a year simple interest on ₹40,00,000
Most state RERA rules set this rate as the State Bank of India's highest marginal cost of lending rate (MCLR) plus 2%. Check your state's rules and SBI's current MCLR, then enter the rate; the default is a placeholder. This treats the whole amount as paid by the promised date; the authority may work it out payment by payment.
Sources: Section 18 of the Real Estate (Regulation and Development) Act, 2016; Interest rate: each state's RERA rules.
Common questions
What interest rate applies?
The rate in your state's RERA rules. Most set it as the State Bank of India's highest marginal cost of lending rate plus 2%. Check your state's rules and SBI's current MCLR.
What if I want to leave the project?
Section 18 lets an allottee who withdraws ask for a refund of the amount paid, with interest, as well as compensation.
Does this decide my claim?
No. It is an estimate; the state RERA authority decides the amount on a complaint.