Haryana Real Estate Regulatory Authority has ordered realty developer Emaar to pay delay compensation to a homebuyer for it’s project at Palm Hills, sector 77, Gurugram. The authority has asked the developer to pay interest for six years.
The 1950 sq ft apartment was allotted to Rahul Chawal in 2010 and delivery was promised in 2014 but the buyer was offered the possession in 2020.
Before taking the possession, buyer moved RERA for delay compensation.
“The respondent is directed to pay the interest at the prescribed rate – 9.30% per annum for every month of delay on the amount paid by the cornplainant from due date of possession The arrears of interest accrued so far shall be paid to the complainant within 90 days from the date of this order,” Haryana RERA has said in the order.
The buyer and his lawyer termed the order as a big relief.
“The developers are flouting guidelines and through RERA we are trying to help buyers and bring back the confidence in the sector,” said Harshit Goyal, who represented buyer in the case.
Emaar did not respond to the email query.
Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector then, had invested about Rs 8,500 crore in the Indian real estate market through its joint venture Emaar MGF Land.
However, in April 2016, it decided to end this joint venture and two months later Shravan Gupta, the then executive vice chairman and managing director of the joint venture, resigned from the post. The demerger was finally approved in July 2018.
