So What is Community Living?
Exclusive community living offers residents a sense of privacy and luxury, with high-quality buildings and facilities that are only accessible to those who live there. Outsiders are not allowed in so that these communities can feel like private clubs. For many people, the exclusivity of these places is part of the appeal – knowing that what is available to them is of a high standard. However, it is essential to remember that homes in community living can sometimes be expensive and out of reach for many buyers.
Community living is a type of housing development that features restricted access and often increased security. Homes in community living are typically close to one another, fostering a sense of neighborhood camaraderie among residents. Prices for community apartments are higher in multi-story buildings, attracting people from across India.
1. Current Law for Interest on Delayed Payments :
If a builder charges interest on late payments, but no rate is specified in the contract, the builder may charge 6% per year simple interest under section 34 of the Code of Civil Procedure, 1908. If no date is specified in the contract for when interest will begin accruing, the builder has no right to seek a penalty if payment is made late.
If you don’t make your payments on time, you as the buyer will be held responsible. This is in line with the terms and conditions of the selling agreement. If either you or the promoter default on payments, MahaRERA has concluded that any party is entitled to claim interest as provided by the Real Estate Act, 2016.
If the buyer does not make their payment on time, as stated in the agreement for sale, they will be charged interest at the rate of Marginal Cost Lending Rate + 2%. However, the builder cannot charge the allottee an excessive amount of interest; instead, they can only charge what is specified in the agreement or as a charge under the Code of Civil Procedure, 1908, and the Real Estate (Regulation & Development) Act, 2016.
At Isha Homes, we abide by the government norms and charge the delayed payment interest accordingly.