Haryana RERA Directs Ocean Seven Buildtech To Pay Interest To Seven Homebuyers For Delayed Possession

Haryana Real Estate Regulatory Authority (Authority) bench comprising Arun Kumar (Chairman), Ashok Sangwan (Member) and Vijay Kumar Goyal (Member) has directed Ocean Seven Buildtech to pay interest to the seven homebuyers of the Golf Heights project located at Sector 69, Gurugram for the delay in handing over possession. Background Facts Seven homebuyers (Complainants) purchased flats in the builder's (Respondent) Affordable Housing project named Golf Heights, located in Sector 69, Gurugram. The total sale price of their flats ranged from Rs.23,09,500 to Rs.23,45,000. Between March 2019 and August 2019, the builder entered into builder-buyer agreements with the homebuyers, promising possession by April 10, 2024. However, the project was delayed and the homebuyers claimed that construction had not even started. Homebuyers further alleged that the builder sent arbitrary demand notices despite banks refusing loans due to the builder's defaults. Only two out of six towers had less than 20% construction making it impossible for the homebuyers to continue payments. Aggrieved by the delay, the homebuyers filed a complaint before the authority seeking possession, project status disclosure, a bar on unauthorized charges and interest for delayed possession. Observation and Directions of Authority The authority referred to Clause 1(iv) of the Affordable Housing Policy, 2013, which stipulates that all projects must be completed within four years from the date of building plan approval or environmental clearance, whichever is later. The authority observed that since the builder obtained environmental clearance on October 10, 2019, the due date for possession, including a six-month extension granted due to the COVID-19 pandemic, would be April 10, 2024. Therefore, the authority held that the builder is liable to pay interest to the homebuyer under Section 18(1) of the Real Estate (Regulation & Development) Act, 2016. Consequently, the Authority directed the builder to pay interest at the rate of 11.10% per annum to the homebuyers for delayed possession. Additionally, the Authority directed the builder to hand over physical possession of the flats, execute the conveyance deed in favor of the homebuyers within three months of receiving the occupation certificate and disclose the status of the project's completion to the homebuyers. Case – Richa Arora Versus M/s Ocean Seven Buildtech Private Limited & 6 others Citation – Complaint No. 4217 of 2021 & 6 others Date – 17th december Click Here To Read/Download The Order

Haryana RERA Directs Ocean Seven Buildtech To Pay Interest To Seven Homebuyers For Delayed Possession

Aryan Raj

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