GURUGRAM: Eight years later, many homebuyers of the OSB Expressway Towers project in Sector 109 still haven’t received possession of their flats.
The Haryana Real Estate Regulatory Authority (HRera) has taken serious note of the delay, instructing the developer, Ocean Seven Buildtech Pvt Ltd, to compensate the buyers with 11% interest for the period of default. This amount must be settled within 90 days, and any outstanding dues from the buyers must be cleared within 60 days.
The directive was issued by HRera member Ashok Sangwan during hearings involving complainants Pinky and Ojaswi Yadav.
The complainants allege that the builder obtained a license from the Department of Town and Country Planning in 2016, with allotment letters issued by May 2017. A builder-buyer agreement was signed in 2018 under the Affordable Housing Scheme, promising delivery by May 30, 2022.
However, construction has remained incomplete long after the deadline, leaving buyers in limbo.
In its defense, the builder claimed that external factors contributed to the delay, citing restrictions from the National Green Tribunal which halted work for up to three months each year. The Covid-19 pandemic also disrupted construction for roughly 36 months, in addition to the freezing of its bank accounts, which further impeded progress.
After hearing both sides, HRera concluded that these circumstances did not absolve the builder of its responsibilities to the buyers. It ordered Ocean Seven Buildtech to pay 11.10% annual interest to the allottees from May 2022 until project delivery. Furthermore, the ruling prohibited the developer from imposing additional charges beyond what is specified in the builder-buyer agreement.
HRera specifically stated that charges such as labor cess, work contract tax, or any other supplementary fees could not be demanded from the allottees.
A senior authority official remarked, “The authority remains alert against misbehaving developers, especially within Gurgaon’s real estate market, where numerous housing projects have experienced significant delays. We are committed to safeguarding homebuyers’ interests.”
For the affected homebuyers, this ruling offers some relief. Many have invested their life savings into the project and now face the dual burden of paying rent and EMIs. Despite the financial compensation, the complainants express that the timely delivery of their flats remains their primary concern.
