RERA Impact: Flatbuyer wins Rs 2.26 crore compensation after a 10-year delay in possession...!
RERA: The Haryana Real Estate Regulatory Authority (HARERA) recently held a builder liable to pay interest compensation to a homebuyer who paid Rs 1.07 crore for a flat in 2013. In the last 10 years, the builder kept on promising the construction would finish however it did not. Read our story to find out what legal RERA provisions were used which made Haryana RERA order Rs 2.26 crore compensation to the homebuyer which includes 11.1% interest compensation.
A homebuyer's flat booking was shifted three times in 10 years and neither of the bookings materialised into a fully constructed flat. Haryana RERA finds the builder guilty and orders Rs 2.26 crore compensation
Can you imagine even after paying Rs 1.07 crore for a flat in an apartment you have to wait 10 years for a builder to finish its construction. Initially the homebuyer booked a flat in 2013 worth Rs 1.16 crore by paying about Rs 12 lakh as booking amount. Subsequently in 2014 a sale agreement was registered when he paid Rs 95 lakh thereby making the total payments to Rs 1.07 crore.
However, when the homebuyer thought of checking out the flat, he was shocked to see that not even basic construction work was started by the builder. This was the experience of a couple who, impressed by the sales brochure, decided to invest crores for buying a flat in Gurgaon from a builder in 2013.
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