The Tamil Nadu Real Estate Regulatory Authority (TNRERA), Chennai, has directed Eco Bay Developers and Builders Pvt Ltd., to refund ₹18.81 lakh, paid by a homebuyer, along with interest, and pay a compensation of ₹2 lakh for failing to deliver a flat.
In his complaint, R. Santhanaraj said he booked a flat with the EcoBay Violet housing project in Pollivakkam village, Tiruvallur district, and paid ₹18.81 lakh, as on June 3, 2015.
The developer promised to deliver the apartment by December 31, 2015, but stopped the construction in August 2015, he said.
The construction resumed in December, 2018, and the developer has failed to hand over the apartment till date, the buyer alleged, and sought to withdraw from the project, seeking compensation and refund of the amount paid for buying the flat. In the response, the developer said that it agreed to complete the construction by December 31, 2015, with a grace period of three months.
“The construction work was stalled in December 2015 due to floods and recession. Demonetization and GST affected the financial ability to complete the project and delay was due to events beyond control,” it added. TNRERA rejected the developer’s contentions noting that even after three years of the admitted due date, the completion of construction of the apartment was not over and the delay for several years continuously was not acceptable.
TNRERA directed the builder to refund the amount with interest of 10.20% per annum, along with compensation.
