Oberoi realty reduces interest rate 24% to 9% on late payments

Mumbai: Recently Oberoi Realty has announced cut in interest rate which has been charged by company on delayed payment towards purchase in its Splendor project in Andheri East from 24% to 9% following a delay in the possession date.
According to the company norms interest 24% was being charged to flat buyers who has delayed payments.
Vikas Oberoi, chairman and managing director, Oberoi Realty said in a letter to his buyers that “ I have received several complaints regarding the levying interest on delayed projects, so we are not a money lender company and we do not want to earn profit by charging interest for late payments.” Charging interest on late payment has been introduced only to ensure that the customers pay their dues on time so that the progress of the project is not hampered.”
This robust move has taken as Oberoi realty’s upcoming projects are expected delayed possessions, so if home buyers will go to consumer redressal forum then Oberoi has to compensate them by 24%”, sources said on the basis of anonymity.





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