[ad_1]
Haryana real estate regulator authority (RERA), ordered Vatika Limited To refund the money along with interest at the prescribed rate to 28 buyers as it failed to start construction of the project.
RERA has said that developer Vatika will have to pay loan The amount to the respective banks also if the same has been availed by the allottees.
“Since the project has been abandoned by the promoter, the allottees shall be entitled for refund of the amount paid by them against the allotment of their units along with interest at the prescribed rate of 10.25% p.a. from the date of each payment from the date of each payment. is entitled to refund. made actual recovery within the time limit prescribed under Rule 16 of the Rules 2017,” the RERA court said.
The court observed, “However, while depositing the sale amount of the allotted units, some of the allottees took loan from various financial institutions and the same was paid to the promoter. While returning the amount deposited by the allottees who had taken loan against the allotted units The promoter shall be liable to pay that amount along with interest to those financial institutions and the balance, if any, shall be paid back to the allottees, the order said.
It’s a real estate project’turnOf Vatika Limited in Sector 88-B, Gurgaon. Vatika Limited received license from DTCP in 2013 to develop Turning Point – a residential group housing project.
The court observed that after its launch, the units were allotted to different persons on different dates and that too for convertible sale consideration.
“Though the due date for completion of the project and the proposal for possession of the allotted units was mentioned as September 15, 2025, but even after more than four years from the booking, no physical work has been done at the site except some excavation work. The work has not progressed,” the court has said.
The court also observed that the promoter failed to file quarterly progress report stating the status of work progress as required under section 11 of the Act 2016.
“Such crimes are unacceptable. Promoters cannot take allottees lightly by taking their hard earned money. RERA will have to act as per the law and ensure that the money of the allottees is safe and they also get compensation for mental distress,” said KK Khandelwal, chairman of RERA.
[ad_2]
Source link