Haryana RERA Directs Signature Global To Pay Interest To Three Homebuyers For Delayed Possession

The Haryana Real Estate Regulatory Authority (RERA) directed Signature Global India Private Limited to pay interest to three homebuyers for delayed possession of flats in the affordable housing project “The Millennia” in Gurugram. The builder had executed agreements with the homebuyers, promising possession by February 21, 2022. Despite receiving full payment, the builder delayed possession by over 19 months. The homebuyers filed complaints seeking possession and interest for the delay. The authority referred to the builder-buyer agreement and Section 18(1) of the Real Estate (Regulation & Development) Act, 2016, which mandates interest for delayed possession. The authority calculated the due date for possession, considering a six-month grace period due to the COVID-19 pandemic, and directed the builder to pay interest for every month of delay until possession is handed over.