India, Aug. 13 -- Homebuyers who accept possession of a delayed project can still claim interest from the developer for the period of delay, the Bombay High Court has ruled, rejecting a developer's argument that homebuyers lose this right if they accept possession without first giving notice that they intend to seek compensation.

The Bombay HC said that it is the right of the allottee (homebuyer) to get interest for every month of delay till the handing over of possession in accordance with the agreement between the parties, adding that it is an independent and indefeasible right of the allottee.

The ruling came in after appeal filed by a developer against homebuyers who had purchased apartments in the free-sale component of the Patra C...