Multiple orders have been issued by the Haryana Real Estate Regulatory Authority (HRERA) asking 17 builders to repay the money paid by homebuyers, plus interest at the rate of 9.70%, within 90 days.

The Haryana real estate regulator RERA recently instructed 17 builders to compensate a sum of Rs 50 crore to homebuyers of different ongoing projects for failing to deliver housing units on schedule.

Various orders from HRERA involving 17 builders have been issued, ordering them to return the money paid by homebuyers together with interest at a rate of 9.70% before 90 days.

The rulings state that the reimbursements must be made while also paying for the allottees’ legal fees and the opportunity to sue for damages.

The RERA judgments followed multiple complaints from city-based purchasers who demanded refunds from RERA after the builders failed to deliver their residential units within the allotted time frame.

“The authority has directed to pay deposited funds to purchasers after examining both the parties — builders and allottee — and on finding builders guilty for failing to deliver units in accordance with builder-buyer agreements,” said K K Khandelwal, head of the RERA.

Even after receiving significant upfront payments, the builders failed to finish the projects and deliver the promised units to homeowners within the allotted time, continued Khandelwal.

Nearly 300 cases were set for decision-making before the authority in July.

The authority demanded refunds in 63 cases along with 9.70% interest. The refund total for these decisions is close to Rs 50 crore, and it applies to 17 builders.

Nearly Rs 12 crore must be refunded to eleven purchasers by Raheja Developers alone, of which one repayment is for Rs 2.35 crore.

The authority mandated reimbursements in 15 additional cases after deducting 10% earnest money.

HRERA also ordered refunds of around Rs 6.81 crore while deciding on many complaints registered by a number of purchasers against promoters Samyak Projects, Vatika, CHD Developers, DSS Buildtech, and Experion Developers.

Source: Indiatimes