For one homebuyer in Gurgaon, the long and frustrating wait for their commercial space has finally come to an end, with a decisive ruling in their favor. After a delay of four long years, the Haryana Real Estate Regulatory Authority (HRera) has ordered the developer, Shine Buildcon Pvt Ltd, to pay a significant penalty and hand over the property. Or you can say it is a builder penalty.
builder penalty
Imagine the immense relief of finally getting what you paid for, after years of uncertainty. That’s the reality for this buyer, who had invested in the ’70 Grandwalk’ project, only to be met with endless delays. The developer cited various reasons, including demonetization and the COVID-19 pandemic, but the authorities weren’t convinced these events justified such a lengthy setback.
In a move that will surely resonate with many other homebuyers, HRera has mandated that the developer not only deliver the unit within 30 days of the buyer clearing their dues but also compensate them for the agonizing wait. This compensation comes in the form of an 11.1% annual interest on the amount paid by the buyer.
Furthermore, the regulatory body found that the developer had imposed illegal charges, a common grievance among property buyers. The authority has made it clear that all fees must strictly adhere to the original agreement signed by the buyer, putting a stop to any unfair financial demands. This ruling serves as a powerful reminder to developers that they will be held accountable for their promises and that homebuyers have strong legal recourse in the face of injustice.
Source :- TOI
