Express News Service
CHANDIGARH: The Haryana Real Estate Regulatory Authority (HRERA), Gurugram, on Wednesday stated that the promoters or builders were liable to pay the assured return as agreed upon between the parties as per the builder-buyer agreement.
While deciding 26 cases, the HRERA passed a landmark judgment regarding the payment of assured returns as promised by the promoters or builders to the allottees at the time of agreement for the sale of a real estate unit.
The bench of the authority headed by K K Khandelwal, the HRERA Chairman, came down heavily on the errant promoters and held that the developers or builders were liable to pay the assured return as agreed upon between the parties as per the builder-buyer agreement.
While pronouncing the judgment, the authority, relying on the view taken by the Bombay High Court on Neelkamal Realtors Suburbans case, held that Real Estate (Regulation and Development) Act, 2016 has no provision for re-writing of contractual obligations between the parties, therefore the developers or builders cannot be allowed to take a plea that there was no contractual obligation to pay the amount of assured returns to the allottees after coming into effect of the RERA Act, 2016 or that a new agreement is being executed with regard to that fact.
The bench held that when there is an obligation of the promoter against an allottee to pay the amount of assured returns, then he cannot wriggle out from that situation merely by taking a plea of the enforcement of RERA Act, 2016 or any other law for that matter.
In its judgment, the authority made it clear that in disputes pertaining to assured return schemes, the money was taken by the promoters as deposit in advance against allotment of immovable property and the possesswion was to be offered to the allottee within a certain period as mutually agreed between them as per the builder-buyer agreement.
By taking sale consideration by way of advance, the builder promised a certain amount by way of assured returns for a certain period, therefore on the failure on part of the builder to fulfil his commitment, the allottee has a right to approach the authority for the redressal of his grievance by way of filing a complaint. A large number of cases are being filed before the HRERA, Gurugram wherein the aggrieved allottees allege that the promoter had lured them to invest in its real estate project.
