Regulatory Intervention in Real Estate Dispute

The Haryana Real Estate Regulatory Authority has directed Parsvnath Developers Limited to pay interest for delays and execute a transfer deed in favor of a homebuyer. According to the agreement, the builder was supposed to hand over possession of the property by April 2011.

Details of the Transaction

The original buyer booked a flat in the Parsvnath Exotica project located in Gurugram’s Sector 54 and paid a total of ₹6,75,000 to the builder on October 4, 2004. Subsequently, with the builder’s permission, the buyer sold the flat to another individual. This subsequent buyer made a total payment of ₹20,55,625 in accordance with the payment plan.

On July 13, 2005, a buyer agreement was executed between the new buyer and the builder, stipulating that possession of the flat was to be provided within 36 months, with an additional grace period of six months for construction delays. By March 10, 2012, the new buyer had paid a total of ₹92,56,375 to the builder.

Incomplete Handover and Assurance of Completion

On October 13, 2022, the builder offered possession of the flat for fit-out purposes but provided a discount of ₹7,50,000 due to incomplete items. Despite this offer, the flat lacked essential amenities and a valid Occupation Certificate (OC). The builder assured that the OC would be obtained within a month, leading the new buyer to take possession solely for fit-out purposes.

Final Transaction and Additional Charges

On December 20, 2022, the homebuyer completed the purchase of the flat from the subsequent buyer for ₹1,50,00,000. The builder updated its records on December 22, 2022, reflecting the new buyer, but charged a transfer fee of ₹6,86,733 and inexplicably increased the flat’s super area without justification.

This case highlights ongoing challenges within the real estate sector, emphasizing the importance of regulatory oversight to protect homebuyers’ rights and ensure timely project completions. The Haryana Real Estate Regulatory Authority’s intervention aims to restore confidence in the real estate market and uphold consumer interests.