Bengauluru-Based Real Estate Group Ordered to Pay Homebuyers 6% Interest for Project Delay
BENGALURU: Homebuyers are entitled to claim delayed compensation until the occupancy certificate is issued, according to the National Consumer Disputes Redressal Commission (NCDRC).
The court clarified that actual possession will be considered on the date the OC is issued, even if the homebuyers have already moved into the apartments.
In a recent ruling on March 3, 2023, the NCDRC held that developers are responsible for compensating homebuyers in delayed projects until the OC is obtained. Vahe Projects Private Ltd, a real estate group based in Bengaluru, has been ordered to pay 6 percent interest to buyers of Vahe Imperial Gardens, which has been delayed for approximately seven years.
The court emphasized that homebuyers can claim compensation for delays until the date of actual possession or the date of OC issuance. This ruling provides clarity and protection for homebuyers who have been affected by project delays.
Advocate Chandrachur Bhattacharyya appeared for the home buyers.
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