Punjab RERA mandates ₹25 lakh payout for delayed possession
MOHALI: In a landmark decision, the Punjab Real Estate Regulatory Authority (RERA) has mandated a real estate promoter to pay approximately Rs 25 lakh in delay interest to homebuyers. The ruling states that project timelines should commence from the initial booking date, not from the date the sale agreement is executed. The complainants, who are faculty members at Punjab Engineering College, Sector 12, reported delays in receiving possession of their property. The case was represented by advocate M Shahnawaz Khan. In a crucial determination, RERA concluded that, since the initial booking occurred in 2018, the promoter could not sidestep responsibility…