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Time of India

HRera orders builder to refund amount with 11% interest in resto unit dispute

Gurgaon: The Haryana Real Estate Regulatory Authority (H-Rera) directed a developer to refund the amount, which was paid by a buyer to open a restaurant in Sector 109, but upheld the cancellation of booking the unit as an agreement was not signed between the two parties. The complaint was filed by Atombridge Networks, which had booked a restaurant unit in Neo Square project in Sector 109 and paid a booking amount of Rs 2.5 lakh as an advance on Sept 2, 2018. The firm made more payments, totalling Rs 42.5 lakh, though a builder-buyer agreement was not executed. The complainant alleged that the builder continued to raise demands for payment without executing the agreement or showing progress of the project. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon Neo Developers in Dec 2022 cancelled the booking, citing the company's failure to clear its dues. The builder also told Rera that payments worth Rs 42.5 lakh were made against total dues of Rs 2.97 crore for the unit, and this was a "blatant violation" of Section 19(6) of Rera Act. HRera, in its order, found that the builder had issued a welcome letter for the booking in 2018, but the complainant failed to comply with payment demands. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo The contention that construction was incomplete was dismissed as unsustainable in light of the occupation certificate being obtained in Oct 2024. The regulatory authority said that the cancellation of the unit by the developer was valid and declined relief sought by the complainant to restorate the sale and execute the agreement. But it also ordered Neo Developers to refund Rs 42.5 lakh to Atombridge Networks after deducting 10% as earnest money. The refund will carry 11% interest from Dec 7, 2022 — the date of unit cancellation — till payment is made The complaint now stands disposed of.