Failure To Provide Possession Within 48 Months, Haryana RERA Orders Pareena Infrastructures To Pay Interest To Homebuyer

Haryana Real Estate Regulatory Authority (Authority) bench, comprising Ashok Sangwan (Member), has directed Pareena Infrastructures Pvt. Ltd, the builder, to pay interest to the homebuyer for the delay in handing over possession. As per the buyer's agreement signed between the builder and the homebuyer, the builder was supposed to hand over possession within 48 months. Background Facts On 04.04.2014, the homebuyer (Complainant) were allotted a flat in the builder's (Respondent) project named Coban Residences, situated in Sector 99A, Gurugram, through a buyer's agreement. The basic sale consideration of the flat was Rs. 1,07,47,975/-, out of which the homebuyer have paid Rs. 1,07,41,975/- to the builder. According to clause 3.1 of the agreement, the builder was legally obligated to hand over possession of the flat within 48 months from the execution date of the builder-buyer agreement. However, despite receiving a substantial amount of consideration from the homebuyer, the builder failed to complete the construction of the project and hand over possession of the flat to the homebuyer. Therefore, aggrieved by the delay, the homebuyer filed a complaint before the authority seeking possession of the flat and interest for delayed possession. Observation and Direction by Authority The authority referred to Clause 3.1 of the buyer's agreement signed between the builder and homebuyer on 04.04.2014, which states: That the Developer shall, under normal conditions, subject to force majeure, complete the construction of the tower/building in which the said flat is to be located within 4 years of the start of construction or execution of this agreement, whichever is later. The authority observed that, according to Clause 3.1 of the buyer's agreement, the possession of the flat was supposed to be delivered within 48 months from the start of construction or the execution of the buyer's agreement. Therefore, the authority held that the builder has violated the provisions of RERA, 2016 by failing to hand over possession of the flat within the promised timeframe. Therefore, the authority directed the builder to pay interest to the homebuyer for the delay in handing over possession from 01.10.2018 to 14.02.2023 at a rate of 10.95% per annum. Case – Rajat Walia & another Versus M/s Pareena Infrastructures Pvt. Ltd. Citation - Complaint No. 5403 of 2023

Failure To Provide Possession Within 48 Months, Haryana RERA Orders Pareena Infrastructures To Pay Interest To Homebuyer

Aryan Raj

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