RERA has levied a considerable fine on Buland Builders for delaying possession. Starting from October 2017, the builder has to pay Rs 50, 000 (for every single month of delay) to a buyer who has invested in two flats in Buland Elevates.
Builders in Greater Noida who have been harassing their buyers over possession issues should learn their lesson from the recent case of Buland Builders. RERA has levied a considerable fine on this construction group for delaying possession. Counting from October 2017, the builder has to pay Rs 50, 000 (for every single month of delay) to a buyer. The payment process has to be started within the next 45 days.
RERA’s stand on the erring builder is an outcome of a complaint filed by Lakshmi Devi, a resident of Delhi who had booked two flats (worth Rs 25 lakhs) in Buland Elevates, an under-construction project of the builder in Sector 16C of Greater Noida West.
Devi along with the other buyers had paid the entire amount to the builder who had promised to deliver the flats by October 31, 2015. It was also declared in her builder-buyer agreement letter that if the flats were not delivered within the stipulated deadlines, the builder would have to start paying fines from September 30, 2016. Incidentally, when the deadline expired the builder had not even started construction. Understandably irked, Lakshmi Devi, had filed a lawsuit against the builder. The matter is now pending in court. Meanwhile, about four months ago Devi also filed a complaint with RERA.
“We had to visit the RERA office in Lucknow for hearings and finally got justice on the third hearing,” said Devendra, Devi’s relative. The penalty order was issued on January 17 by Abrar Ahmed, secretary of the Real Estate Regulatory Authority.
RERA has come into force in UP from July 2017. Builders of the state can now launch projects only after completing the formalities prescribed by RERA.
Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA) told City Spidey that the order issued by RERA against Buland Builders will definitely increase the faith of the buyer fraternity and caution other erring builders.
