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The Haryana Real Estate Regulatory Authority (H-RERA) has ordered Ocean Seven Buildtech Pvt Ltd to compensate homebuyers of the OSB Expressway Towers project in Sector 109, Gurugram, with an annual interest rate of 11.10% due to extensive delays in possession. The developer has been directed to settle the compensation within 90 days and clear any pending dues within 60 days. The authority also prohibited the builder from levying additional charges beyond the builder-buyer agreement.
Homebuyers of the OSB Expressway Towers project in Sector 109, Gurugram, have faced significant delays in receiving possession of their flats, with some waiting for over eight years. In response to numerous complaints, the Haryana Real Estate Regulatory Authority (H-RERA) intervened, directing Ocean Seven Buildtech Pvt Ltd to compensate the affected buyers with an annual interest rate of 11.10% for the period of delay. The compensation is to be settled within 90 days, and any outstanding dues owed by the buyers must be cleared within 60 days. Advertisement
The dispute traces back to 2016 when the developer obtained a license from the Department of Town and Country Planning. Allotment letters were issued in May 2017, and a builder-buyer agreement was signed in 2018 under the Affordable Housing Scheme, with a promised possession date of May 30, 2022. However, construction remained incomplete well beyond the deadline, leaving buyers in a prolonged state of uncertainty.
In its defense, Ocean Seven Buildtech cited several external factors contributing to the delay. The company mentioned restrictions imposed by the National Green Tribunal, which halted construction activities for nearly three months annually. Additionally, the COVID-19 pandemic disrupted work for approximately 36 months, and the freezing of its bank accounts further impeded progress.
Despite these claims, H-RERA found the excuses insufficient to absolve the builder of its responsibilities towards the buyers. The authority emphasized that such delays are unacceptable, especially in Gurugram's real estate market, where several housing projects have experienced significant setbacks. Consequently, H-RERA ordered the developer to pay the stipulated interest to the allottees and prohibited the imposition of any extra charges beyond those outlined in the builder-buyer agreement.
This ruling underscores H-RERA's commitment to protecting the interests of homebuyers and ensuring accountability within the real estate sector. It also serves as a stern reminder to developers about the importance of adhering to agreed timelines and contractual obligations.
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