RERA ordered to Refund Homebuyer with Interest

Ramesh Agrawal (LL.B. & CA)

Haryana Real Estate Regulatory Authority (HRERA) of Gurugram Bench has given directions to International Land Developers (ILD) to refund the homebuyer’s money along with Interest as it has failed to deliver the property in time.

Abstract of the Order of RERA :-

"The authority hereby directs the promoter (ILD) to return the amount received by him from the allottee with interest at the rate as prescribed under the rule 15 of the Haryana real estate (regulation and development) Rules 2017 from the date of each payment till the actual date of refund of the amount within the timelines provided in the rule 16 of the Haryana Rules 2017,".

As per Rule 16 of Haryana Rules 2017, any refund payable to homebuyer by builder should be refunded within 90 days from the date of on which refund has been ordered by the Authority.

Apartment in ILD Arete project was booked by the homebuyer on 10^th June 2015 & possession was committed by 10^th December 2019. Builder failed to deliver the possession within agreed time , so the homebuyer went to RERA Court & demanded for refund.

“The Promoter has failed to complete or unable to give possession of unit in accordance with the terms of agreement. Accordingly, the promoter is liable to return the amount received by him in respect of the unit with interest," the order said.

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