Here’s a file we see too often on Sarjapur Road:
- 2BHK, ₹80L, possession promised for June 2025
- Bank has disbursed ₹60L to the builder in stages
- Pre-EMI on that ₹60L at today’s rates comes to roughly ₹39k a month
- Rent on the current flat is ₹30k a month
- 14 months late now, and that’s about ₹9.6L gone on pre-EMI and rent for a home that isn’t ready
What most buyers in this spot don’t do:
- Under Section 18 of RERA, you can stay in the project and still claim interest for every month of delay until possession. You don’t have to cancel to claim
- Orders usually work it out on the amount you’ve paid, which normally includes what the bank paid the builder on your behalf
- In Karnataka, K-RERA orders have set this at SBI’s MCLR plus 2%
- You file with K-RERA, not a civil court
Mint’s piece on RERA rights covers the other four rights. We wanted to focus on this one, because it’s the one most people leave unclaimed.
If your builder has been late, what did you actually do?
- Filed with RERA and got an order
- Filed, still waiting
- Settled with the builder directly (waiver, upgrade, cash)
- Didn’t file, didn’t want the fight
- My project is on time
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voters
If you settled directly, what did the builder offer?