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RERA orders 17 Builders to Refund 50 Crores to Home Buyers


                                                             CA Ramesh Agrawal

Haryana Real Estate Regulatory Authority (HRERA) have ordered 17 Builders, to refund Rs. 50 Crores to the homebuyers of various construction projects for non-delivering the projects well on time. HRERA has issued multiple orders for 17 Builders directing them to refund the home buyers their hard-earned money along with 9.70% Interest within 90 days.

Refund orders have been passed after listening to both the parties i.e., Homebuyers & Builders & on finding out that builders were guilty.

Approx 300 matters were listed before the authority for adjudication in July. In 63 Cases, The Authority ordered refunds with interest @ 9.70%. These Adjudications are related to 17 Builders & refund is approx 50 crores. Raheja Developers alone has to refund Approx 12 crores to 11 Homebuyers, & out of which 1 Refund is for Rs. 2.35 Crores. In another 15 matters, the authority ordered refund after the deduction of 10% of earnest money.

In all the 300 cases of July the homebuyers largely wanted their refunds. The authority also ordered refunds of nearly Rs. 6.81 crore while deciding on several bunch of complaints filed by buyers against builders such as Samyak Projects, Vatika, CHD Developers, DSS Buildtech and Experion Developers.

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  1. Radhakrishnan24 July 2022 at 08:16

    Looks like new ERA begins for home buyers after coming off RRA

    ReplyDelete

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