HRERA Directs Builder to Pay 11% Interest for Possession Delay

The Haryana Real Estate Regulatory Authority has ordered a developer to pay 11% annual interest to homebuyers for delaying the possession of apartments in a project in Gurugram. The authority stated that the builder failed to deliver the flats within the agreed timeline and must compensate buyers until the homes are handed over with the required approvals. HRERA rejected the developer’s justification for the delay and stressed that builders must follow commitments made to buyers. The ruling strengthens consumer protection under the Real Estate (Regulation and Development) Act, 2016.