Rs 24 lakh Delayed Interest Paid After UP RERA RC

Complying with the ‘recovery certificate’ issued by the U.P. RERA in favour of allottee of ‘Wave One’, Rs. 24 lakh as delay interest has been paid by the promoter and both parties settled the matter. The project, located in Gautam Buddha Nagar, is being developed by the promoter ‘M/s Wave One Pvt. Ltd.’. As per the settlement between the allottee and the promoter, the promoter paid approximately Rs 13 lakh as delay interest in handing over the possession of the unit to the allottee and adjusted the demand of the promoter for the balance payment awaited from the allottee for the unit, approximately Rs 8 lakh 86 thousand. Thus, liabilities of the allottee were reduced to zero and the possession of the unit was also ensured as per the agreement for sale.

            After the recovery certificate, the promoter made an offer of settlement to the allottee and proposed to offer immediate possession of the unit along with honouring the recovery certificate. The allottee agreed on the offer and signed the settlement letter/agreement with the promoter. The promoter submitted a copy in the Authority and updated about its compliance. The allottee expressed his satisfaction and appreciated the efforts of the U.P. RERA after receiving the possession of the unit after almost 7 years and delay interest of Rs. 24 lakhs for the delayed period. Regarding the recovery certificates issued by U.P. RERA, refund orders of about Rs 588 crore have been resolved in more than 1545 cases through mutual settlement by both the parties. 

Residents of Gautam Buddha Nagar, allottee paid approximately Rs 44 lakh 21 thousand in the year 2012 to the promoter for a commercial unit in the project- Wave One, costing approximately Rs 50 lakh 30 thousand. As per the ‘Agreement for Sale’, the allottee was expecting to get the possession by the year 2016. But they did not possession of the unit by the stipulated time. Looking at the pace of construction, the allottee registered a complaint (NCR144/04/73370/2021) in U.P. RERA in 2021 and requested to get back the invested amount. The order passed in the hearing came in favour of the allottee, which was to be complied with by the promoter. 

To ensure the execution of the passed order, the allottee had registered online ‘order execution request’ on the portal and the promoter was also given as much time as possible to comply with the order. Meanwhile, the promoter completed the unit and proposed to hand over the possession to the allottee after the completion of the project. While hearing in the matter on next date, the Authority had ordered the promoter to give immediate possession of the unit and pay about Rs 24 lakh as interest for the delayed period. Finally, a ‘recovery certificate’ had been issued for the same.