UPRERA Directs Builder To Pay Interest For Delayed Possession Of Commercial Units In Festival City Project, Noida
5 months, 3 weeks ago

UPRERA Directs Builder To Pay Interest For Delayed Possession Of Commercial Units In Festival City Project, Noida

Live Law  

Uttar Pradesh Real Estate Regulatory Authority bench, comprising T. Venkatesh, 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. The authority referred to the Supreme Court's decision in the Supertech Limited vs. Rajni Goyal case, which stated: "The period of interest should close on April 2016 when the full Occupancy Certificate was obtained as per the admission of the Respondent Purchaser herself in Para 4 of the Consumer Complaint, wherein she has admitted that the Appellant Builder had obtained the Completion Certificate as late as April 2016. The authority also mentioned Clause 9.2 of the Real Estate Rules, 2018, which read as: "The allottee shall have the option of terminating the Agreement, in which case the Promoter shall be liable to refund the entire money paid by the allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate equal to MCLR on home loan of State Bank of India +1% unless provided otherwise under the Rules, within forty-five days of receiving the termination notice." The authority also directed the builder to pay the complainant interest for the delayed period from 01.01.2018 until the Occupation Certificate is obtained or possession is offered.

Interest Delayed Complainant Builder Possession Authority Commercial Units Delayed Possession  unit  uprera  project  pay  noida  directs  commercial  units  possession  festival  interest  delayed  builder  obtained  complainant  certificate  authority

History of this topic

Haryana State Commission Holds Ansal Properties Liable For Delay In Possession, Orders Refund And Compensation
Trending News
5 days, 10 hours ago

Haryana State Commission Holds Ansal Properties Liable For Delay In Possession, Orders Refund And Compensation

Live Law  

The State Consumer Disputes Redressal Commission, Haryana presided by Justice T.P.S Mann, Mr. S. P. Sood and Ms. Manjula held Ansal Properties & Infrastructure Limited liable for delay in possession of residential plot for several years. After paying Rs.40,02,721.20/- the plot was transferred to the complainant by transfer letter dated 12.06.2012 from Ansal Properties & Infrastructure Limited. Due to delay …

Haryana RERA - No Additional Compensation To Homebuyer When Interest For Delayed Possession Already Granted
Trending News
1 week, 6 days ago

Haryana RERA - No Additional Compensation To Homebuyer When Interest For Delayed Possession Already Granted

Live Law  

Haryana Real Estate Regulatory Authority Bench comprising Rajender Kumar dismissed the homebuyer's complaint against M/s. Authority held that no additional compensation can be granted to the homebuyer when delay possession compensation has already been granted along with interest under Section 18 of the RERA, 2016. Through its order dated December 11, 2018, the authority directed the builder to pay interest …

Haryana RERA Directs Anant Raj Builders To Pay Interest, Execute Conveyance Deed In Favor Of Homebuyer
2 weeks, 6 days ago

Haryana RERA Directs Anant Raj Builders To Pay Interest, Execute Conveyance Deed In Favor Of Homebuyer

Live Law  

Haryana Real Estate Regulatory Authority bench comprising of Ashok Sangwan has directed M/s. Anant Raj Ltd to pay interest for delay and execute conveyance deed in the favour of Homebuyer. Aggrieved by the delay the homebuyer filed a complaint before the authority seeking possession, interest for the delay, a refund of the PLC charges and execution of the conveyance deed …

Failure To Provide Possession Of Two Showrooms On Time, MahaRERA Directs Pune Builder To Pay Interest To The Complainant
1 month, 1 week ago

Failure To Provide Possession Of Two Showrooms On Time, MahaRERA Directs Pune Builder To Pay Interest To The Complainant

Live Law  

Maharashtra Real Estate Regulatory Authority bench, comprising Mahesh Pathak directed the Pune-based builder Deron Properties Pvt Ltd to pay interest to the complainant who purchased two showrooms in their project. Background Facts The complainant who is a private company purchased two showrooms in the builder's project named Deron Business Square located in Hinjavadi, Pune. However, even after receiving a substantial …

MahaRERA – Being Aware Of Market Conditions, Builders Should Conduct Due Diligence Before Declaring Project's Possession Date
5 months, 1 week ago

MahaRERA – Being Aware Of Market Conditions, Builders Should Conduct Due Diligence Before Declaring Project's Possession Date

Live Law  

While directing the builder to pay interest to the homebuyer for delayed possession, Maharashtra Real Estate Regulatory Authority bench, comprising Ajoy Mehta, held that builders are aware of market conditions, therefore, they are required to conduct due diligence before declaring the possession date. If the builder fails to complete or is unable to give possession of an apartment, plot, or …

Haryana RERA Directs Ambience Projects To Hand Over Possession To Homebuyers, Pay Interest For Delay
5 months, 2 weeks ago

Haryana RERA Directs Ambience Projects To Hand Over Possession To Homebuyers, Pay Interest For Delay

Live Law  

Haryana Real Estate Regulatory Authority bench, comprising Sanjeev Kumar Arora, has directed Ambience Projects, the builder, to hand over possession of the flat to the homebuyer and pay interest for the delay in handing over the possession. According to Clause 11 of the agreement, the builder had to finish construction and hand over the flat within 60 months, making the …

Haryana RERA Holds Builder's Pre-Occupation Certificate Possession Offer Invalid, Orders Interest For Delayed Possession
8 months, 3 weeks ago

Haryana RERA Holds Builder's Pre-Occupation Certificate Possession Offer Invalid, Orders Interest For Delayed Possession

Live Law  

Haryana Real Estate Regulatory Authority comprising Justice Vijay Kumar Goyal, has held that the offer of possession made by the builder before obtaining the Occupation Certificate from local authorities is invalid and contrary to the law. At that time, the Builder had not obtained an occupation certificate for the project, thus, the Homebuyer rejected the possession offer of the Builder. …

MahaRERA grants interest on delayed possession to Minerva buyer
11 months ago

MahaRERA grants interest on delayed possession to Minerva buyer

Hindustan Times  

MUMBAI: The Maharashtra Real Estate Regulatory Authority has granted interest on delayed possession to the buyer of a private firm who purchased a flat in Lokhandwala Minerva, Mahalaxmi, from January 1, 2023, on the premise that the developer had failed to provide possession on terms agreed upon earlier. MahaRERA has granted interest on delayed possession to the buyer of a …

Discover Related