Is there a ceiling on the interest to be levied by the promoter in case of default in payment of any instalments by the allottee/buyer?
Answered on November 08, 2017
( Source : maharera.mahaonline.gov.in) In accordance with the model form of agreement, the Allottee has to pay to the Promoter, a rate of interest equal to the State Bank of India highest Marginal Cost of Lending Rate plus two percent, on all the amounts which become due and payable by the Allottee to the Promoter under the terms of the Agreement from the date the said amount is payable by the allottee(s) to the Promoter.
