RERA Orders Omaxe to Pay Rs 53.65 Lakh to Homebuyers for Delay in Project Delivery
In a significant relief for homebuyers, the Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe Chandigarh Extension Developers to pay compensation of around Rs 53.65 lakh to two allottees for a delay in handing over possession of a residential unit in its The Lake project in New Chandigarh, Mohali.
The order was passed after hearing arguments in a complaint filed by Reena Thakur and Sujit Thakur, residents of Andheri East, Mumbai (Maharashtra), against the developer. The complainants were represented by Advocate M Shahnawaz Khan, while Advocate Tejeshwar Singh appeared for the respondents.
According to the complaint filed under Section 31 of the Real Estate (Regulation and Development) Act, 2016, the complainants had booked a 3BHK residential unit on the 12th floor in Tower Caspean-B of the project. The allotment-cum-buyer’s agreement was executed on July 9, 2015, and the total price of the unit was fixed at Rs 82,11,487.
The complainants stated that they had already paid over 90 per cent of the total amount, i.e., Rs 76,05,041, but the developer failed to deliver possession within the stipulated time. As per the agreement, possession was to be handed over within 42 months, i.e., by January 8, 2019, but the project has been delayed by more than five years.
After hearing the matter, the authority directed the developer to pay interest on the deposited amount at the highest MCLR rate plus 2 per cent, which currently amounts to approximately Rs 53,65,000.
The authority further clarified that the promoter cannot indefinitely rely on the COVID-19 pandemic as a reason for the delay in handing over lawful possession of the unit.
Importantly, the order states that the compensation amount will continue to increase at the rate of Rs 62,383 per month until the developer makes a valid offer of possession after obtaining the required Occupation/Completion Certificate from the competent authority.
The authority also warned that if the developer fails to comply with the directions, separate proceedings under Section 63 of the RERA Act may be initiated for non-compliance of the order.
