Rajasthan RERA Resolves Tower 'C' Possession Date and Accrued Interest Dispute

In a recent order by the Rajasthan Real Estate Regulatory Authority (RERA) in Complaint No. RAJ-RERA-C-2021-4300, concerning a dispute between Savita Maheshwari and VN Buildtech Pvt. Ltd., the authority addressed the issue of possession date and accrued interest for Tower 'C' of the project. This article provides an in-depth analysis of the case, highlighting the facts, legal arguments, and the authority's ruling.

Background of the Case:

• Complaint No.: RAJ-RERA-C-2021-4300
• Complainant: Savita Maheshwari
• Respondent: VN Buildtech Pvt. Ltd.

Previous Order and Terms:

The authority referred to a previous order issued on 26.05.2022, which included the following terms and conditions:

1. Refund of deposited amounts with interest.
2. Refunds allowed after 31.12.2022, excluding the moratorium period.
3. Liberty given to interested applicants to continue with the project without imposing interest on due installments.

Decree-Holder's Application:

The Decree-Holder, Savita Maheshwari, filed an application seeking clarification on the delivery of possession date and the accrual of interest specifically related to Tower 'C' since no agreement for sale was executed in this case. The Decree-Holder also mentioned a claim for a taxation amount, but it was not pursued further.

Arguments and Counter-Arguments:

1. Decree-Holder's Argument:

• Reliance on directions issued by the Adjudicating Officer of the Authority in a similar case (Complaint No. 4301/2021) to determine the date of excavation as 15.12.2014.
• Presumption based on the promoter's provision of a 36-month construction period and a 6-month grace period for other buyers.

1. Authority's Counter-Argument:

• Disagreement with the presumption made by the Decree-Holder.
• Noted the promoter's reported inception date of the project as 15.10.2014 during registration.
• Established that the date of 15.10.2014 should be considered for accruing interest, based on a 36-month construction period and a 6-month grace period, when no agreement for sale is executed.

RERA's Decision:

The Authority ruled that the completion date for Tower 'C' should be considered as 15.04.2018, based on the promoter's provided information for initializing the construction activities of the project. Accordingly, interest is payable to the affected buyers from the mentioned date. It was also clarified that no interest shall accrue for the moratorium period notified by the Authority, i.e., 13.05.2020 to 31.03.2021.

Conclusion:

In Complaint No. RAJ-RERA-C-2021-4300, the Rajasthan Real Estate Regulatory Authority resolved the dispute regarding Tower 'C' possession date and accrued interest. The order clarified that the completion date should be taken as 15.04.2018, and interest is payable from that date. This ruling ensures fair treatment for the affected buyers while considering the construction timeline and the provisions of the Real Estate (Regulation and Development) Act, 2016.

Note: The information provided in this article about Rajasthan Real Estate Regulatory Authority (RRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the Comp. No. RAJ-RERA-C-2021-4300 before the Rajasthan Real Estate Regulatory Authority

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