The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has directed the builder, Mist Direct Sales Private Limited, to deliver possession of nine commercial units and pay interest for delayed possession in the Festival City Phase III project, Noida.
UpreraReal Estate Regulatory AuthorityDelayed PossessionCommercial UnitsFestival City Phase IiiNoidaReal Estate NewsJun 28, 2024
UPRERA stands for Uttar Pradesh Real Estate Regulatory Authority, which is a regulatory body established to oversee the real estate sector in Uttar Pradesh.
The Festival City Phase III project is a real estate development project by Mist Direct Sales Private Limited in Noida, Uttar Pradesh.
The builder, Mist Direct Sales Private Limited, failed to deliver possession of the commercial unit to the complainant by the promised deadline of 31.12.2017, despite receiving a significant portion of the payment.
The interest rate applicable in this case is MCLR (Marginal Cost of Lending Rate) on home loan of State Bank of India +1%.
The occupation certificate is a document issued by the authorities indicating that the project has been completed and is ready for occupation.
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