The Punjab Real Estate Regulatory Authority (RERA) has directed M/s Omaxe Chandigarh Extension Developers Pvt Ltd to pay 10.80% interest per annum amounting to nearly ₹34 lakh to a Shimla-based couple for delay in handing over their four-BHK flat in “The Lake” project at Omaxe, New Chandigarh.
The couple, Rajinder Sachdeva and Archana Sachdeva, represented by counsel Mohd Sartaaj Khan became subsequent allottees on October 12, 2023, after purchasing the unit from the original allottees. They approached RERA seeking delayed possession interest, correction of area calculations and a direction for valid possession.
In its defence, the developer argued that the original allottees had defaulted on payments, leading to an outstanding delayed payment interest of ₹13.10 lakh. The developer said the original buyers and the new allottees jointly requested the transfer of allotment and sought waiver of this interest.
According to Omaxe, this waiver was granted on the condition that neither the original nor the subsequent allottees would claim any compensation or interest for delay in possession. The company also referred to joint affidavits and undertakings signed by both sets of allottees, wherein they allegedly accepted the existing construction status and agreed not to raise delay claims.
It further stated that the buyers had agreed to the super area of 2760 sq ft as mentioned in the original allotment letter and payment schedule. It insisted that the assignment endorsement of October 12, 2023, transferred all obligations of the original agreement to the complainants.
{{/usCountry}}It further stated that the buyers had agreed to the super area of 2760 sq ft as mentioned in the original allotment letter and payment schedule. It insisted that the assignment endorsement of October 12, 2023, transferred all obligations of the original agreement to the complainants.
{{/usCountry}}RERA, however, noted that under Clause 40 (a) of the 2015 allotment letter, Omaxe was required to deliver possession by April 2019. The authority observed that the promoter failed to produce any completion or occupancy certificate during the hearing, and the delay stood established.
Holding the matter covered under Section 18 of the Act, RERA directed Omaxe to pay 10.80% interest (SBI highest MCLR of 8.80% + 2%) on the ₹1.23 crore paid by the complainants from October 12, 2023, till the date of the order, an amount estimated to be around ₹34 lakh. Interest will continue until legal possession is delivered. The authority held that non-compliance within 90 days may attract penalties under Section 63. The litigation cost claim was not pressed.