Chetan Sonwalkar Vs. Shriram Properties Pvt. Ltd. and Ors. - (Real Estate Regulatory Authority) (17 Jul 2023)

Complainant is entitled to delay period interest under Section 18 of the Real Estate (Regulation and Development) Act, 2016

MANU/RR/0821/2023

Property

Present complaint is filed under Section 18 of the Real Estate (Regulation and Development) Act, 2016 before this Authority against the project SHRIRAM SUMMITT praying for a direction to pay Delay Period Interest.

On a perusal of the sale agreement, it is seen that the completion date is agreed as 31st December, 2019. The promoter-respondent was required to complete the project and hand over possession of the apartment by 31st December, 12.2019. In cases where the Respondent-promoter has failed to complete or unable to handover the possession of the apartment to the allottee, the Allottee has a right to file a complaint before the Authority and hence, this complaint is admissible for relief in accordance with Section 18 of the Act.

It is evident that complainant have paid sale consideration amount and admittedly there is a delay of more than three years in handing over the apartment as per the agreement. Hence, the complainant is entitled to delay period interest under Section 18 of the Act and accordingly a memo of calculation submitted by the Complainants. Respondent is directed to pay interest on delay period. Complaint allowed.

Tags : INTEREST DELAY ENTITLEMENT