Pay 10.8% interest to homebuyer for delayed flat handover in Gurgaon, realtor told

The Haryana Real Estate Regulatory Authority (HRERA) has directed a Gurugram developer to pay 10.8% interest to a homebuyer over delayed possession of a commercial unit in the city. The case relates to Ocus 24K in Sector 68, Gurugram, where possession was due by December 2018 but was formally offered in July 2019.

HRERA also directed the developer to execute the conveyance deed within three months and ordered that the outstanding interest be cleared within 90 days. The authority also restricted the developer from imposing charges outside the terms of the original buyer agreement.

The order highlights the importance of homebuyer rights and timely possession in the Gurugram property market. Delayed handovers can create financial pressure for buyers, particularly when they are paying loans, rent or other property-related expenses during the delay.

For people purchasing property in Gurugram, the case is a reminder to carefully review the buyer agreement, possession timeline, RERA registration and applicable compensation provisions before investing.

RERA mechanisms can provide buyers with a legal route when developers fail to meet contractual or regulatory obligations. However, each case depends on its specific facts and documents.

The decision reinforces the importance of transparency and timely delivery in India's real estate sector.

Source: Times of India