Haryana RERA Orders Ocean Seven Buildtech to Pay Interest to 15 Homebuyers for Delayed Possession
The Haryana Real Estate Regulatory Authority has directed Ocean Seven Buildtech to pay interest to 15 homebuyers for delayed possession of flats in the Expressway Towers project in Gurugram.
Haryana ReraOcean Seven BuildtechExpressway TowersDelayed PossessionHomebuyersInterest PaymentReal EstateAug 01, 2024
The homebuyers had filed a complaint with the RERA, seeking delay interest from the builder under Section 18(1) of the Real Estate (Regulation and Development) Act, 2016.\n\nThe RERA observed that the builder had obtained environmental clearance on November 30, 2017, and the due date for possession, including a six-month extension granted due to the COVID-19 outbreak, was May 30, 2022. Therefore, the RERA held that the builder is liable to pay interest to the homebuyers under Section 18(1) of the Act.
The RERA directed the builder to pay interest to the homebuyers from the possession date (May 30, 2022) until the date the builder makes a valid offer of possession to the homebuyers, plus an additional two months. The RERA also directed the builder to execute a conveyance deed in favor of the homebuyers.
The homebuyers had booked flats in the Expressway Towers project, which was an affordable housing project developed by Ocean Seven Buildtech. The project was located in Sector 109, Gurugram. The homebuyers had entered into a builder-buyer agreement with the developer on May 25, 2019. The agreement stipulated that the developer would hand over possession of the flats within 4 years from the date of building plan approval or environmental clearance, whichever is late.
However, the developer failed to deliver possession of the flats within the stipulated timeframe, leading to a delay of over two years. The homebuyers filed a complaint with the RERA, seeking delay interest from the builder under Section 18(1) of the Act.
About Ocean Seven Buildtech Ocean Seven Buildtech is a real estate developer based in Gurugram. The company develops affordable housing projects in the National Capital Region (NCR). The company's Expressway Towers project in Sector 109, Gurugram, was an affordable housing project that was launched in 2019.
The Haryana Real Estate Regulatory Authority (RERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. The RERA regulates the real estate sector in Haryana and protects the interests of homebuyers. The RERA has the power to investigate complaints filed by homebuyers and take action against developers who violate the provisions of the Act.
Frequently Asked Questions
What was the case filed by the homebuyers against Ocean Seven Buildtech?
The homebuyers filed a complaint with the RERA, seeking delay interest from the builder under Section 18(1) of the Real Estate (Regulation and Development) Act, 2016, for delayed possession of flats in the Expressway Towers project.
What was the order passed by the RERA in the case?
The RERA directed Ocean Seven Buildtech to pay interest to the homebuyers from the possession date (May 30, 2022) until the date the builder makes a valid offer of possession to the homebuyers, plus an additional two months.
What is the role of the Haryana Real Estate Regulatory Authority (RERA)?
The RERA regulates the real estate sector in Haryana and protects the interests of homebuyers. The RERA has the power to investigate complaints filed by homebuyers and take action against developers who violate the provisions of the Act.
What is the Affordable Housing Policy, 2013?
The Affordable Housing Policy, 2013, is a policy implemented by the Haryana government to promote affordable housing in the state. The policy provides guidelines for the development of affordable housing projects, including the timeline for completion and the pricing of units.
What is the rate of interest payable by the builder to the homebuyers?
The rate of interest payable by the builder to the homebuyers is not specified in the article. However, the RERA has directed the builder to pay interest to the homebuyers at a rate to be prescribed under the Act.
Related News Articles
From Hollywood Glamour to Business Savvy: Priyanka Chopra's Diversified Ventures
Priyanka Chopra's foray into the beauty industry and strategic real estate investments have solidified her position as a multifaceted businesswoman and global icon.
Real Estate Recovery Still a Distant Dream
The Indian real estate market is still reeling from the effects of demonetization, GST, and new regulations, with new project launches at a 13-year low.
Bumpy Ride: Director Vivek Agnihotri Exposes Pothole-Ridden Mumbai-Nashik-Igatpuri Highway
After highlighting the poor condition of Pune's roads, Director Vivek Agnihotri has now posted visuals of the pothole-ridden Mumbai-Nashik-Igatpuri drive.
Festive Cheer Boosts Mumbai's Property Market Interest: Knight Frank
In October 2024, residential units made up 80% of total registrations, highlighting the robust housing demand in Mumbai. Read on to learn more about the trends and insights.
Ceratec Group and Chaitanya Developers Launch Tower 108 in Balewadi, Pune
With over 25 years of experience in the real estate sector, Ceratec Group and Chaitanya Developers have joined forces to launch Tower 108, a luxury residential project in the bustling area of Balewadi, Pune. This project promises to set new standards in l
Real Estate Sector Thrives in Emerging Cities
The real estate market is experiencing a significant boom in emerging cities, driven by rapid urbanization, economic growth, and increasing demand for modern living spaces.