The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has directed developers to pay a compensation of about ₹12.78 lakh and refund the advance and further amounts totalling about ₹1.42 crore along with interest to a home buyer for delay in delivery of the villa.
In his compliant, K. Srikar Reddy said in August, 2012, he had booked a villa in the project named ‘Pacifica Aurum Villas’ at Padur, Thiruporur in Kancheepuram district and paid an advance amount and made further payments.
The project was developed by Sylvanus Builders and Developers Limited and Pacifica (Chennai project) Infrastructure Co. Pvt. Ltd.
In March 2014, he entered into a sale and construction agreement with the developers and agreed for a purchase price was about ₹1.47 crore.
Mr. Reddy had availed of a home loan and paid ₹1.42 crore.
Promised in 2015
As per the agreement, the developers were supposed to handover the villa by June 2015, but they did not do so, he alleged in his complaint and sought refund of the amount he paid along with interest as well as compensation and other costs from the developers.
In March 2019, the developers informed the buyer that the villa was ready and asked the buyer to clear the remaining dues.
TNRERA noted that Section 18 of the RERA Act gives the right to home buyers to withdraw from the project and demand their money back with interest and compensation, if the promoter fails or is unable to give possession of the property on the date specified in the agreement.
Entitled to refund
The complainant is entitled to a refund of nearly ₹1.42 crore from the developers along with the interest of 10.15% per annum for the entire amount paid from the date of respective payment till repayment by the builder.
It also fixed 9% of the ₹1.42 crore as compensation and ₹25,000 towards litigation costs.
