The ‘delay possession charges’ are to be paid at the rate of 10.60% per annum from the committed date of possession to the actual date of delivery of the property.
NEW DELHI: The Haryana Real Estate Regulatory Authority (H-RERA) has ordered Emaar MGF Land to pay ‘delay possession charges’ at the rate of 10.60 per cent per annum from the committed date of possession to the actual date of delivery of the property.
The amount is to be paid within 90 days from the order date.
The order comes after a home buyer approached the authority pleading that they booked a property in 2012 in the company’s Palm Hills project situated in Sector 77, Gurugram. The project was to be delivered within 33 months from the date of agreement. It is however yet to be delivered.
Emaar NGF Land didn’t appear even after the authority served the notice.
While the builder-buyer agreement had a penalty clause of Rs 7.50 per month per sq ft for the period of delay, H-RERA, exercising its power under the section 37 of RERA act, ordered the builder to pay the charges at 10.60 per cent per annum for delaying the possession of the project.