Pay interest to home buyer for delay in possession, RERA directs Omaxe

Mohali, May 10

The Real Estate Regulatory Authority (RERA), Punjab, has directed Omaxe New Chandigarh Developers Private Limited, New Chandigarh, to pay interest to a home buyer on an amount of Rs 79.36 lakhs at the rate of 10.85% per annum from August 1, 2021, for a delay in handing over possession till a valid offer of possession is made after obtaining the Occupancy Certificate.

The authority, in its order dated April 16 this year, further directed the respondent that the payment of interest should be made within the time stipulated under Rule 17 of the Punjab State Real Estate (Regulation and Development) Rules, 2017, from the date of the issuance of the order.

Complainant Neha of Pathankot had booked a residential unit having super area measuring nearly 2,300 sq ft in the project named “The Lake”, which was developed by the respondent at New Chandigarh. A buyers agreement was executed between the parties on March 11, 2020, and the total sale price of the unit was Rs 1.02 crore.

The complainant stated that she paid Rs 79,36,408 of the total sale price and only Rs 15,70,141 was pending at the time of offer of possession. As per the Clause 7.1 of the buyer’s agreement, the possession of the unit was to be delivered on July 31, 2021.

“However, the respondent has not offered possession till date,” stated the complainant’s counsel, Shahnawaz.

The respondent’s counsel pleaded that lockdown was imposed in the entire country on March 22, 2020, due to the Covid pandemic and as such, the work on the said project was completely stopped.

The respondent referred to an advisory of the Union Ministry of Housing & Urban Affairs and an order dated October 28, 2020, passed by the RERA whereby all statutory compliances in relation to real estate projects, which had become due between March 15, 2020, and September 15, 2020, had been extended by six months from the original date, which was May 31, 2022.