Kerala RERA Grants 16.65% Interest for Delayed Flat Handover
THIRUVANANTHAPURAM: The Kerala Real Estate Regulatory Authority (K-RERA) has mandated a builder in the state capital to compensate two homebuyers with simple interest at a rate of 16.65% per annum for delays in delivering their flat in the Sparrow Paradise project located at Kudappanakunnu. Dr. Ullas Raghavan and Shakuntala Prabhakaran invested approximately ₹1.02 crore for their 1,765 sq ft flat. This interest will be calculated from December 1, 2018— the day after the agreed completion date—based on the ₹54.41 lakh advance they paid, along with subsequent payments from their respective payment dates until the flat’s delivery. K-RERA has directed Sparrow…