The Haryana Real Estate Regulatory Authority (H-RERA) has ordered Emaar MGF Land to pay ‘delay possession charges’ at the rate of 10.60 percent per annum from the submitted date of possession to the real date of conveyance of the property.
The amount is to be paid within 90 days from the order date.
The order comes after a home buyer moved toward the authority arguing that they booked a property in 2012 in the organization’s Palm Hills project arranged in Sector 77, Gurugram. The project was to be conveyed within 33 months from the date of the agreement. It is, however, yet to be conveyed.
Emaar NGF Land didn’t show up even after the authority served the notice.
While the manufacturer buyer agreement had a punishment condition of Rs 7.50 per month per sq ft for the period of delay, H-RERA, practicing its capacity under the area 37 of RERA act, ordered the developer to pay the charges at 10.60 percent per annum for delaying the possession of the project.