West Bengal Real Estate Appellate Tribunal Issues Refund Notice For Delayed Project Delivery: RERA Refund
In a case where the developer has faltered on flat delivery, the West Bengal Real Estate Appellate Tribunal ordered the return of money paid by the buyers with substantial interest on the amount. The matter was reported by one couple who booked a 1250 Sqft flat the surrounding of Newtown and paid the entire amount to the developer. The buyer moved to West Bengal Real Estate Regulatory Authority once the developer failed to deliver the apartment according to agreement and timeline. When the buyer were given delayed in property handover decided to withdraw from the project and apply for refund along with interest rates of additional 2 % over the banking prime landing rate.
Challenging the order the developer firm approached the West Bengal Real Estate Appellate Tribunal. Though during the phase of the application both parties negotiated in settling the matter and according to the same the builder agreed to pay the extra amount to the buyer in installments.
The Tribunal without disposing the appeal on the date of agreement for settlement was filed, monitored the installment made by the developer body.
