8-year delay in possession, HRera orders compensation to buyer with 11% interest in Gurgaon
Taking serious note of the delay, Haryana Real Estate Regulatory Authority (HRera) directed the developer, Ocean Seven Buildtech Pvt Ltd, to compensate buyers with 11% interest for the period of default.
The amount must be settled within 90 days. Additionally, any pending dues owed by the buyers must be cleared within 60 days.
The order was passed by HRera member Ashok Sangwan while hearing petitions from allottees Pinky and Ojaswi Yadav.
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The complainants said the builder obtained a licence from the department of town and country planning in 2016 while allotment letters were issued in May 2017.
A builder-buyer agreement was signed in 2018 under the Affordable Housing Scheme, promising handover by May 30, 2022.
However, construction remained incomplete long after the deadline, leaving buyers stranded.
In its defence, the builder argued that external factors led to the delay. Citing National Green Tribunal's restrictions, the company said that construction activity had to be halted almost three months every year.
The Covid-19 pandemic further disrupted work for about 36 months, while the freezing of its bank accounts also slowed progress.
After examining arguments from both sides, HRera ruled that such excuses did not absolve the builder of responsibility towards buyers.
It ordered Ocean Seven Buildtech to pay 11.10% annual interest to the allottees from May 2022 until the project is delivered. HRera's ruling also barred the developer from imposing extra charges beyond the scope of the builder-buyer agreement.
It specifically directed that labour cess, work contract tax, or any other add-on recoveries could not be demanded from allottees.
A senior authority official said, "The authority is vigilant against errant developers, especially in Gurgaon's real estate market, where several housing projects have seen significant delays. The authority is working towards safeguarding the interests of homebuyers."
For the affected homebuyers, the order comes as partial relief. Many invested their life savings into the project and are now burdened with both rent and EMIs.
Speaking after the order, the complainants said that while monetary compensation offers some relief, timely delivery of their flats remains the top priority.
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