Interest percentage on delayed payment

Hello,

I am buying a property in Thergaon(Wakad) Pune. Registration is not yet done. Upon request, I have received a draft copy of registration from the builder. It states that if there is any delay in the payment from my side, then I will have to pay 24% interest per annum compounded quarterly. I asked the builder how they came up with 24%, and he says that the management decides it. So my question is,

- Is there any goverment guideline for max interest percentage on delayed payments?

Thanks in advance.
~Alok