Gurugram: In a significant relief for affordable housing buyers, the Real Estate Regulatory Authority (RERA), Gurugram, has directed real estate developer M/s MRG Infrabuild Private Limited to pay delayed possession charges (DPC) at the prescribed rate of 10.80 per cent per annum to an allottee for failing to hand over possession within the stipulated timeline.
The order was passed by the Bench of the Hon’ble Chairman while hearing a complaint filed by Kritika Goyal and others, who had booked units in The Meridian, Sector 89, Gurugram, an affordable housing project launched under Haryana’s Affordable Housing Policy.
According to the authority, the builder will have to pay delayed possession charges at 10.80 per cent per annum for every month of delay on the amount deposited by the complainant. The interest will be payable from the due date of possession until two months after the offer of possession or the actual handing over of possession, whichever is applicable.
RERA Gurugram has also directed the developer to hand over possession of the unit after payment of any legitimate outstanding dues and ensure execution of the conveyance deed within the timeline prescribed in the order. The authority further instructed the builder not to recover any amount from the complainant that is not part of the Builder Buyer Agreement.
The complainants had approached the regulator alleging an inordinate delay in possession despite booking their apartments in 2019. After examining the documents and hearing submissions from both parties, the authority held that the developer had violated the provisions of Section 11(4)(a) of the Real Estate (Regulation and Development) Act, 2016.
RERA observed that under Clause 1(iv) of the Affordable Housing Policy, 2013, a promoter is required to complete construction within four years from the approval of building plans or grant of environmental clearance, whichever is later. However, MRG Infrabuild failed to deliver possession within the prescribed period.
The ruling is expected to strengthen the confidence of homebuyers and serves as a reminder that delays in possession can attract financial liability for developers under RERA provisions.