The Punjab Real Estate Regulatory Authority (RERA) has directed Sushma Buildtech Ltd. to pay a homebuyer ₹20 lakh in interest for delay in handing over a flat at its Sushma Crescent project in Zirakpur, and to pay ₹50,893 every month until it obtains the occupancy certificate and makes an offer of possession.
In an order RERA chairman Rakesh Kumar Goyal ruled in favour of Richa Verma, who booked a three-bedroom flat in Tower K on December 5, 2020. The agreement fixed December 5, 2021, as the possession deadline. The authority allowed the builder six months’ COVID-related extension, moving the deadline to June 5, 2022.
Verma told the authority that she had paid ₹52 lakh including GST, towards the flat, whose total price was ₹62 lakh. She had also paid another ₹2,91,495 in September 2023. The bank had directly disbursed ₹36 lakh to the builder. The builder had not obtained an occupancy or completion certificate, nor placed any possession offer on record, the order said. The complainant was represented by Mohammad Sartaj Khan.
The builder argued that the pandemic delayed construction and that a settlement agreement signed in September 2022 had compensated Verma with ₹6 lakh. It also alleged that she had defaulted on payments. RERA rejected the builder’s claim that possession could be treated as due within three years of the agreement, noting that the agreement itself specified a date and the builder produced no possession offer. It also found that the alleged dues were not established through a reconciled account and that the builder’s subsequent settlement and demands were inconsistent with its claim that the allotment had been terminated.
The authority calculated interest at nearly 11% a year on the amounts paid, from July 1, 2022, and October 1, 2023, respectively. It assessed the total interest up to October 31, 2026, at ₹26 lakh and deducted the ₹6 lakh already paid by the builder, leaving ₹19 lakh payable. The builder must clear this amount within 90 days of receiving the order.
RERA also directed the builder to obtain the occupancy or completion certificate and issue an offer of possession within seven days of receiving it, or at the same time as it offers possession to other buyers in the project. Any balance payable by Verma must be adjusted against the awarded amount, and the builder can raise a demand only after making that adjustment. She will not have to pay maintenance charges to the builder until the awarded amount and accrued interest are paid or adjusted, unless maintenance has been handed over to a residents’ association or third party.
If the builder fails to comply, the authority can recover the dues as arrears of land revenue. It dismissed the complaint against Kotak Mahindra Bank, saying no relief or cause of action had been established against the lender.