The AP Capital Region Development Authority (CRDA) was slapped with notices by customers of Happy Nest project of the CRDA demanding the CRDA to pay them 14 per cent interest per annum on their investments as it failed to complete the project in time for its failure to complete the project on time. They also demanded it to pay a compensation of Rs 20 lakh for having caused mental agony to them by not completing the project on time.
As per the agreement reached with buyers, the home buyers should make a down payment of 10 per cent of the cost of the project. They should make necessary payments as per the progress of the construction. Therefore, as the deadline expired, those who paid 10 per cent of the cost towards down payment served notices on the CRDA.
As per the agreement, the flats should be handed over to them with all amenities. The RERA act specifies that the developer is required to pay an additional interest of 2 per cent on investments till handing over of the flat in case of delay on the part of developer.
