Life Style Session Court South India

TNRERA : Property developer told to refund homebuyers with fine and Interest

Homebuyers had booked the flats in Pondur village, Sriperumbudur Taluk of Kancheepuram district and paid advances and further amounts as agreed to by them to Marg Properties Limited,.
The flats were allotted to the buyers and the due date for delivery of the flats was June 2013.
As per the provision of RERA Act, the developer is liable to return the amount with interest and compensation and costs to homebuyers.
The developer, however, denied the charges and claimed that the project has been registered with RERA and the date of handing over of the project was April 30, 2020, as per the registration certificate.
But the adjudicating authority pointed to Section 18 of the RERA Act which gives an option for allottees to withdraw from the project and demand amounts if a developer is unable to give possession of the flat on the dates specified in the agreement.
In Pursuance The Adjudicating Officer of the Tamil Nadu Real Estate Regulatory Authority (TNRERA) has passed an order directing a property developer, Marg Properties Limited, to refund monies paid by homebuyers on grounds of failure to hand over apartments on time.
Going by order now Homebuyers have also been permitted to execute cancellation of agreement and sale deed of the UDS land at developer’s cost.
Apart from the refund, the homebuyers are entitled to claim a compensation of ₹1 lakh towards mental agony and inconvenience and ₹20,000 towards legal expenses.
Also the order by TNRERA adjudicating officer G. Saravanan directed the developer to refund the amount with an interest rate of 8.7% within 30 days.
Earlier The Government of India have notified the Real Estate (Regulation and Development) Act, 2016. This Act provides for establishing Real Estate Regulatory Authority (RERA) and Appellate Tribunal for monitoring and adjudicating disputes relating to real estate projects and also to frame Rules under this Act.
The Tamil Nadu Government in G.O.Ms.No.112, Housing & Urban Development Department, dated 22.06.2017 has approved the Tamil Nadu Real Estate (Regulation & Development) Rules, 2017 to carry out the provisions of Real Estate (Regulation & Development) Act, 2016.


Splco News Correspondent
News analysis wing of Splco Media a bilingual (English & Tamil) novel social media channel.

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