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Haryana RERA directs ISH Realtors to refund buyer's money

The Haryana Real Estate Regulatory Authority (H-RERA) has recently issued a ruling that directs ISH Developers to refund the money of a buyer along with interest for failing to deliver a commercial unit according to the terms of the builder-buyer agreement. The buyer had made the purchase in September 2013 and was promised delivery of the unit within four years. However, the developer was unable to meet the commitment, and in October 2020, almost three years after the agreed possession date, the buyer approached the real estate regulator, expressing a desire to withdraw from the delayed project.

In his complaint, the buyer stated that the total sale consideration of the unit was Rs 41 lakh and that the possession was due in September 2017. The RERA's order, passed on January 12th, requires the developer to return the full amount of Rs 16 lakh, along with a 10.60% interest rate, as specified in Rule 15 of the Haryana Real Estate Regulation and Development Rules 2017. The order stated that the developer must make the repayment within the time frame specified in Rule 16.

In addition to seeking the return of his money, the buyer also asked the regulator to direct the developer to pay compensation of Rs 5 lakh for the mental anguish and harassment he experienced, as well as Rs 55,000 for legal expenses incurred during the trial. However, the RERA court declined to address these requests, instructing the buyer to file a separate complaint with the adjudicating officer instead.

This ruling serves as a reminder of the importance of adhering to the terms of builder-buyer agreements and the consequences for developers who fail to do so. It also highlights the role of the RERA in protecting the rights of buyers and ensuring that developers are held accountable for their obligations. The Haryana Real Estate Regulatory Authority has been established to promote fairness and transparency in the real estate sector, and this ruling is a clear example of its commitment to upholding these principles.

It is crucial for buyers to thoroughly review and understand the terms of builder-buyer agreements before making a purchase, and for developers to fulfil their obligations and deliver projects on time to avoid legal disputes and penalties. The Haryana Real Estate Regulatory Authority will continue to monitor and enforce compliance with the regulations, providing a valuable resource for buyers and promoting a fair and transparent real estate market.

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