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The Haryana Real Estate Regulatory Authority (H-RERA) has directed Pareena Infrastructures to hand over possession of delayed units in the Micasa housing project, Gurgaon, within 30 days, providing relief to buyers waiting over four years. The ruling also mandates the developer to pay an annual interest of 11.1% for delayed possession and execute conveyance deeds within 90 days after dues are cleared. The order, prompted by a buyer's complaint, found the developer in breach of contract. H-RERA's decision reinforces accountability in the real estate sector and serves as a precedent for ensuring timely delivery and safeguarding consumer interests.
In a major relief for homebuyers who have been waiting over four years to take possession of their residential units, the Haryana Real Estate Regulatory Authority (H-RERA) has directed Pareena Infrastructures Private Limited to hand over the units within 30 days of its order issued on November 8. Advertisement
The directive aims to resolve long-standing grievances of buyers associated with the group housing project, Micasa, located in Sector 68, Gurgaon. This move by H-RERA underscores the regulatory body's commitment to ensuring justice for upset homebuyers facing delayed possessions.
In its judgment, the Authority, led by Chairperson Arun Kumar, also mandated the real estate developer to compensate buyers for the delay by paying interest charges on delayed possession. The prescribed annual interest rate for these charges has been set at 11.1 percent. The directive further requires Pareena Infrastructure to execute the conveyance deeds in favor of the complainants within a span of 90 days, provided all pending dues are cleared.
The dispute came to light when one of the buyers, Tarakeswar Das, approached H-RERA after a prolonged delay in the delivery of his unit. Das had initially booked his home in 2016, with possession promised in 2020. However, the developer's failure to meet the agreed timeline compelled Das to file a complaint in December 2023, seeking intervention from the Authority.
H-RERA's investigation highlighted that Pareena Infrastructure had failed to honor the commitments outlined in their agreement with the buyers. The Authority concluded that the developer's inability to deliver the units on time constituted a breach of contract, leaving buyers in distress and violating their rights.
Additionally, the Authority emphasized the necessity of holding developers accountable for such delays, stating that the promoter had disregarded its contractual obligations and failed to fulfill its responsibilities toward the buyers. By issuing this order, H-RERA aims to set a precedent for addressing similar disputes and reinforcing buyer confidence in the real estate sector.
This decision is expected to bring closure to affected homebuyers, many of whom have faced financial and emotional strain due to the extended delay. It also serves as a stern warning to developers to adhere to contractual timelines and regulatory standards.
In conclusion, H-RERA's ruling not only resolves the prolonged plight of Micasa homebuyers but also reaffirms the Authority's role in safeguarding consumer interests. By holding Pareena Infrastructures accountable for breaches in contractual obligations, the decision sets a strong precedent for other real estate developers. Buyers can now anticipate the long-awaited possession of their homes along with compensation for the delay. This landmark order serves as a reminder to developers to prioritize timely delivery and adhere to legal commitments, thereby fostering transparency and trust in the real estate market.
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