WB REAT Directs Builder To Pay Settlement Of Over ₹2 Crores To Homebuyer For Failure To Deliver Possession Since 2017

West Bengal Real Estate Appellate Tribunal (Tribunal) bench, comprising Justice Rabindranath Samanta (Chairperson), Gour Sunder Banerjee (Judicial Member), and Dr. Subrat Mukherjee (Administration Member), disposed of the appeal after the builder made the fifth and final installment to the homebuyer as part of the settlement agreement.Instead of disposing of the appeal on the date the settlement agreement was reached, the Tribunal monitored the builder's installment payments.Background FactsHomebuyers (Respondent) booked a flat in the builder's (Appellant) project named The V Privileged Living situated at New Town. The total sale consideration of the flat was Rs.1,18,75,000/- and the agreement for sale was executed between Builder and homebuyer on 31.10.2014.As per the agreement for sale, the builder was supposed to handover the possession of the flat April 2017.However, even after paying total sale consideration amount of the flat, builder failed to deliver the possession of the flat as per the promised timeframe. Being aggrieved by the delay homebuyer decided to withdraw from the project and filed complaint before the authority seeking refund of their paid on amount with interest.Authority held in the favour of homebuyer and directed builder to refund the amount with interest. Consequently, being aggrieved by the authority's order builder filed appeal before the Tribunal.During the pendency of the appeal, the parties, by entering into an Agreement settled the matter. As per the terms of the settlement, the builder was to pay an amount of Rs.2,07,03,993/- in five installments.REAT VerdictWhen both parties agreed to a compromise, the Tribunal chose to monitor the builder's installment payments to the homebuyer instead of closing the appeal. The Tribunal set a schedule for these payments: the second installment was to be paid by May 15, 2024, the third by June 15, 2024, the fourth by July 15, 2024, and the fifth and final installment by August 15, 2024. The builder made the fifth installment payment on August 21, 2024, after which the Tribunal disposed the appeal.Case – M/s. Shrishti Infrastructure Development Corporation Ltd Versus Partha Pratim BiswasCitation - APPEAL NO. WBREAT/APPEAL No. – 05/2024Click Here To Read/Download Order

WB REAT Directs Builder To Pay Settlement Of Over ₹2 Crores To Homebuyer For Failure To Deliver Possession Since 2017

Aryan Raj

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