12% interest for delay in possession: Supreme Court's Parsvnath order spells out what your builder owes...

Supreme Court ordered Parsvnath Developers to refund homebuyers with 12% interest for delayed possession.

Interest rate is based on SBI's highest MCLR plus 2% as per RERA.

Ruling applies to cases where possession is significantly delayed beyond agreed timeline.

Developers must compensate allottees if they fail to deliver possession on time.