Builder Delay in Greater Noida – Seeking 10.75% Interest and Refund

This is a classic case of an "arbitrary and one-sided" agreement. The good news is that the Supreme Court of India and the RERA Act have made it clear that builders cannot hide behind unfair contracts to escape their liabilities. Here is the practical roadmap for your case in Greater Noida: 1. RERA Overrides Your Agreement Don't worry about that ₹10 per sq. ft. clause. Under Section 18 of the RERA Act, if a builder fails to give possession by the date mentioned in the agreement, the law overrides any private contract. You are entitled to a much higher interest rate prescribed by the State Government, regardless of what that unfair agreement says. 2. Your Right to Refund vs. Continued Interest As an "allottee," you have two distinct choices under UP RERA: Option A (Withdraw from Project): If you no longer want the flat, you can demand a full refund of every penny paid to date, plus interest from the date of each payment until the money is actually returned. Option B (Stay in Project): If you still want the flat, the builder must pay you Monthly Interest for every month of delay until they hand over the keys with a valid Occupation Certificate (OC). 3. What is the Interest Rate in UP? In Uttar Pradesh, the standard rate is typically calculated as SBI MCLR (Marginal Cost of Funds Based Lending Rate) + 1% or 2%. Currently, this usually works out to approximately 10% to 10.75% per annum. The logic is that the rate must be the same as what the builder would charge you for a late payment (parity rule). 4. Ground for Refund Yes, delay alone is a sufficient legal ground for a refund. You do not need to prove the builder is fraudulent; the mere fact that they missed the August 2019 deadline (including the grace period) is a breach of contract that allows you to walk away with your money and interest. 5. RERA vs. Consumer Forum RERA: Faster for getting standard interest and enforcing project completion. You can file this online at the UP RERA portal. Consumer Forum: Better if you are seeking additional "compensation for mental agony" and harassment, though it can sometimes take longer than RERA. Final Advice: Do not sign any new "extension letters" or supplementary agreements with the builder. Sometimes builders ask you to sign a paper saying you "agree" to a new 2027 deadline—if you sign that, you might lose your right to claim interest for the intervening period. File your complaint on the UP RERA website immediately to freeze your claim.