The Government of Andhra Pradesh on June 28, 2023, issued a notification amending the Andhra Pradesh Real Estate (Regulation and Development) Rules, 2017.
The following has been amended-
•In the said rules, for Rule 16, the following shall be substituted-
"16. Rate of interest payable by the promoter and the allottee:
The rate of interest payable by the promoter to the allottee or by the allottee to the promoter, as the case may be, shall be the State Bank of India highest marginal cost of Lending Rate plus two percent.
Provided that in case the state bank of India Marginal cost of lending rate is not in use it would be replaced by such benchmark lending rates which the state bank of India may fix from time to time to the general public. "
[Notification No.94]
