Rajasthan RERA requires the builder to reimburse Rs. 37 lakh for the delay in flat possession.

JAIPUR: Due to a delay in taking possession of an apartment, the Real Estate Regulatory Authority (RERA) in Jaipur has ordered a builder to reimburse the full money, plus interest, to the unit buyer.

RERA member Shailendra Agrawal issued the order telling the builder to repay the money within 45 days following a hearing.

Tanuja Singh, the complainant, allegedly made a reservation for a residence in a private community in Beelwa in March 2016. For a property that cost Rs 38.49 lakh, she made a down payment of Rs 1.5 lakh. The remaining balance had to be paid in installments through December 2017.

Nine days following the reservation, the builder used the complainant’s paperwork to get a loan from a bank for Rs 30.75 lakh, and they deposited the money into their account. According to the contract, the builder was required to transfer ownership of the apartment by June 2018, he added.

While promising speedy possession, the builder failed to deliver the apartment in 2018 and instead demanded an extra Rs 5 lakh from the buyer.

The buyer couldn’t get the apartment until the end of 2021 despite the Covid epidemic. Singh complained to RERA after visiting the site and discovering that the apartment was unfinished.

After careful consideration, the developer offered to assign a flat to a different project, but the buyer objected and sought a refund of her money. The RERA authority ordered the builder to return the entire sum of Rs. 37.25 lacks with an interest rate of 9.75% within 45 days to guarantee that the buyer was treated fairly.

According to a RERA representative, “This decision highlights the value of adhering to commitments and delivering projects on time.”

According to a lawyer, the promoter is required to reimburse the money with interest if they do not grant ownership within the time frame specified in the agreement. The project allottee is entitled to interest for the time there was a delay up until the transfer of possession if he chooses not to withdraw from the project.