The Ministry of HUPA has prepared DRAFT rules for Real Estate Regulation and Development Act 2016 for UTs without legislature (Andaman & Nicobar Islands, Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep).  Public comments are sought on the same by maximum 08th July, 2016.

Rate of Interest Payable by the Promoter and the Allottee:- The rate of interest payable by the promoter to the allottee or by the allottee to the promoter, as the case may be, shall be the State Bank of India Prime Lending Rate plus two percent.

Timelines for Refund.- Any refund of monies along with the applicable interest and compensation, if any, payable by the promoter in terms of the Act or the rules and regulations made there under, shall be payable by the promoter to the allottee within forty-five days from the date on which such refund along with applicable interest and compensation, if any, becomes due.

Courtesy: mhupa.gov.in

For complete Draft Copy of this RERA documents, Please download here.