Goa RERA Orders Rs 47L Refund for Delayed Studio Apartment Possession
The Goa Real Estate Regulatory Authority (Goa RERA) has ordered a developer to refund Rs 47.40 lakhs to a complainant within 60 days due to delays in handing over a studio apartment. The developer is also required to pay interest and additional penalties
Goa ReraReal EstateRefundStudio ApartmentRegulatory AuthorityReal EstateFeb 05, 2025
This decision comes after the developer failed to provide possession of the apartment despite the complainant making the full payment of Rs 47.40 lakh through a bank loan.
The developer has also been directed to pay interest at 11.10% per annum for the delay in delivering the apartment.
The interest will be calculated from the date of the payment until the actual payment of the amount is made.
This stringent measure is aimed at ensuring compliance with the Real Estate (Regulation and Development) Act, 2016, and to protect the rights of homebuyers.
Goa RERA member Vincent D’Silva, who presided over the case, further directed the developer to pay Rs one lakh within 60 days of the order.
If the payment is not made on time, it will carry interest as per Rule 18 of The Goa Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest, and Disclosures on Website) Rules, 2017.
In addition to the refund and interest, the developer has been ordered to pay a penalty of Rs two lakh under Section 61 of the Act.
This penalty is for the violation of Section 11(4)(a) and (f), read with Section 18 of the Act.
The penalty amount must be deposited with the authority within 60 days.
Failure to comply will result in the initiation of necessary proceedings against the developer.
The complainant had approached Goa RERA after the real estate firm failed to hand over the studio apartment despite the timely payment.
This case highlights the importance of regulatory bodies like Goa RERA in ensuring that developers adhere to the timelines and terms of their agreements with homebuyers.
It also underscores the need for homebuyers to seek legal recourse when their rights are violated.
For more information about Goa RERA, visit their official website to understand the regulations and procedures in place to protect homebuyers and ensure fair practices in the real estate sector.
Frequently Asked Questions
What is Goa RERA?
Goa RERA, or the Goa Real Estate Regulatory Authority, is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. It ensures that real estate developers follow the rules and regulations set by the Act, protecting the rights of homebuyers.
How much refund has Goa RERA ordered the developer to pay?
Goa RERA has ordered the developer to refund Rs 47.40 lakhs to the complainant within 60 days.
What additional penalty has the developer been asked to pay?
The developer has been ordered to pay Rs two lakh as a penalty under Section 61 of the Act for violating Section 11(4)(a) and (f), read with Section 18 of the Act.
What is the interest rate for the delay in delivering possession?
The developer is required to pay interest at 11.10% per annum for the delay in delivering possession of the apartment, calculated from the date of the payment until the actual payment of the amount is made.
Why did the complainant approach Goa RERA?
The complainant approached Goa RERA after the real estate firm failed to hand over the studio apartment despite the timely payment of Rs 47.40 lakh through a bank loan.
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