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The Haryana Real Estate Regulatory Authority (HRERA) has ordered the promoter of the ILD Grand project located in Sector 37C in Gurugram to refund a total of Rs 72 lakh to one of its buyers. The applicant had approached the authority in February 2019 after the builder failed to deliver the housing unit as per the deadline of August 2017. The project has been granted financial assistance under the central government-backed SWAMIH fund - a fund set up to complete stalled projects in the country. The new deadline to complete the project is December 2023.
The RERA court passed the order on January 6, 2021, directing the promoter to return the amount received by him, Rs 72,09,911, with interest at the rate 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.
During the argument, the counsel for the developer confirmed that the occupancy certificate of the project is not yet applied as the construction work is still underway. The allottee was not interested in continuing with the project and so exercised the statutory rights under Section 18(1) of the Act for refund of the deposited amount along with interest in view of failure of the respondent promoter to complete the unit much after the due date of possession which elapsed years ago.
This is not the first time the ILD Grand project has faced issues with completing the project on time. The delay in completing the project and delivering the housing units to the buyers has caused a lot of inconvenience and financial losses to the buyers. The buyers who have invested their hard-earned money in the project have been waiting for years for the possession of their units.
Such delays in completing the project and delivering the housing units have a ripple effect on the real estate market as well. The delays in completing the project led to a decrease in the demand for the project, and it also leads to a decrease in the value of the property. It also leads to a decrease in the trust of buyers in the real estate market.
In conclusion, the HRERA's order to refund the buyer is a step in the right direction towards ensuring that the rights of the buyers are protected and that the developers are held accountable for their actions. However, it is important for the government to ensure that such delays and defaults do not occur in the first place, and strict measures are put in place to ensure timely completion of the projects and delivery of the housing units to the buyers.
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