The Real Estate Regulatory Authority (RERA), Gurugram, has directed the builders to refund homebuyers money in 90 days along with 9.70 % interest following their failure to give possession of apartments and plots in a stipulated time period.
The RERA orders have come in the wake of multiple complaints from the Gurugram-based homebuyers who after losing their hopes to have their units had petitioned RERA seeking a refund of the amount they had paid to builders.
“The authority has ordered to refund deposited amounts to homebuyers after hearing both the parties (builders and allottee) and on finding builders guilty for non-delivery of units as per builder buyer agreements. The builders should not take homebuyers for granted,” KK Khandelwal, RERA chairman, said in a release.
“The builders failed to complete the projects and deliver the promised units to homebuyers within stipulated time even after collecting good initial amounts,” said Khandelwal.
He said in July alone nearly 300 matters were listed before the authority for adjudication. In the 63 cases, the authority adjudicated the matter allowing a refund with interest at the rate of 9.70%. These adjudications pertain to 17 builders and the refund amount is close to ₹50 crore.
The authority has said in case the builders don’t follow the order, the complainant can approach the adjudicating authority for execution of orders.
In another 15 matters, the authority has ordered a refund after a deduction of 10% earnest money. In all 300 matters, the homebuyers largely wanted a refund and that shows the callous attitude of promoters, the authority has observed.
Khandelwal said the authority gets hundreds of complaints on a daily basis in which mostly buyers want a refund or delayed interest.