**GURUGRAM:** The Haryana Real Estate Regulatory Authority (H-RERA) has instructed the developer of Spectrum One in Sector 58 to address outstanding assured returns and finalize property titles for investors Tripti Vohra and Amit Vohra. The directive mandates that pending dues be released within 90 days, along with interest.
In a comprehensive order delivered on Dec 18, following a review that began on Nov 27, member Phool Singh Saini consolidated three complaints from the Vohra couple against Splendor Buildwell, citing delays in possession, cessation of assured returns, and non-execution of sales agreements.
The nearly seven-acre project has been registered with RERA and received its occupation certificate on Sept 6, 2019.
The Vohra couple had invested in three commercial units in Tower D as part of an assured return scheme outlined in 2016, paying a considerable portion of the basic sale amount upfront. The assured return scheme promised a fixed monthly payment until the first lease and subsequent assured rental.
Splendor Buildwell committed to offering Rs 71.5 per sq ft as assured returns starting Aug 1, 2016, until the first lease, followed by assured rentals at Rs 58.50 per sq ft.
H-RERA noted that while the developer paid assured returns up until May 2018, payments ceased thereafter, citing the Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act) and other legal issues.
The Authority dismissed the builder’s claims, asserting that assured return commitments are enforceable under RERA and protected by Section 24(1)(iii) of the BUDS Act. It directed Splendor Buildwell to continue paying assured returns at the agreed rate from June 2018 until the first lease and thereafter at a rental rate of Rs 58.50 per sq ft until the units are leased.
The accrued assured returns must be paid within 90 days, adjusted for any legitimate dues from the allottees, failing which an 8.8% annual interest will apply until payment is made.
Given the occupation certificate is already granted, H-RERA further instructed the developer to execute the conveyance deed for the revised units in favor of the investors within 90 days. The Authority also prohibited the company from imposing any internal or external development charges not specified in the 2016 MoU.
