I booked a flat in Purva Fountainsquare, supposed to be with European design and very luxurious. The project is delayed by compete 10 months and counting and as with others, just found out that I have to pay interest on late payment with rate as high as 24%/ annum. And as explained by somebody else on this site, the system is designed so that you will always receive demand note with just a day or two to spare and if you have to pay through bank loan then you can very well forget that you will be able to pay on date as required because bank will take anywhere between 1 week to 2 weeks of working days to process. And thus in bargain you also lose a chance to get any penalty from Purva if the project is delayed.
I understand that this is true for every builder - small or reputed like Purva.