Complete guide to Odisha Real Estate Regulatory Authority statutory rights, Section 4 escrow account rules, and delay compensation guidelines.
Section 18 Delay Compensation Rules
If a developer fails to deliver possession according to the timeline specified in the registered Agreement for Sale, the buyer has the legal right to:
- Withdraw from the project: Receive a 100% refund of principal paid plus interest at SBI Highest MCLR + 2% per annum.
- Remain in the project: Receive monthly delay compensation interest at the same rate until physical possession with Occupancy Certificate (OC).