Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Punjab RERA Orders Builder To Pay Interest To Homebuyer For Delayed Possession In The LAKE Project
RERA & Property Act
The Punjab Real Estate Regulatory Authority, under the stewardship of Malwinder Singh Jaggi, mandated that a builder compensate homebuyers for delayed possession of flats in "THE LAKE" project. \r
Despite paying Rs. 5.00 lakhs upfront and Rs. 76,30,207.94 through bank loans, the complainants hadn't received possession by the agreed-upon deadline of 21.09.2018 due to prolonged construction delays and changed project plans. The builder asserted a completion estimate of 61 months and 12 days, culminating on 03.05.2020, during the Covid-19 pandemic. \r
Citing Section 18(1) of the Real Estate Regulation and Development Act 2016, the Authority ruled the builder liable for interest at 10.85% annually on the paid amount until possession is handed over post occupancy certification, highlighting the builder's failure to commit to a definitive possession date.
