Haryana RERA Directs Ocean Seven Buildtech To Pay Interest To Homebuyer Of Expressway Towers For Delayed Possession

Haryana's Real Estate Regulatory Authority (RERA) has taken a firm stance in protecting the rights of homebuyers by directing Ocean Seven Buildtech, a real estate developer, to pay a substantial compensation in the form of 10% interest to the homebuyers of their Expressway Towers project. This order comes in response to an inordinate delay of 42 months in handing over the possession of the properties to the rightful owners. The regulatory action underscores RERA's commitment to enforcing strict timelines for project completion as mandated under the Real Estate (Regulation and Development) Act, 2016, while also ensuring that homebuyers who suffer due to such delays are adequately compensated for the inconvenience and financial implications.