Allottees of the Wave One project in Gautam Budh Nagar were paid Rs 24 lakh as ‘delay interest’ by the promoter in compliance with the “recovery certificate (RC)” issued by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA).
The project is located in Noida Sector 18 and is being developed by the promoter Wave One Private Ltd.
“As per the settlement between the allottees and the promoter, the promoter paid approximately Rs 13 lakh as delay interest in handing over the possession of the commercial unit to the allottees Sudhanshu Bhatnagar and Anyuta Dheer and also adjusted the demand of the promoter for the balance payment of approximately Rs 8.86 lakh awaited from the allottees for the unit. Hence, liabilities of the allottees were reduced to zero and the possession of the unit was also ensured as per the agreement for sale,” the UPRERA said in a statement on August 9.
It added that regarding the recovery certificates issued by UPRERA, so far refund orders of about Rs 588 crore have been resolved in more than 1,545 cases through mutual settlement by both parties.
The matter
As per the agreement of sale, the allottees were to get the possession by the year 2016 but they did not get the possession of the unit.
The Authority noted that the allottees registered a complaint in the UPRERA in 2021 and requested to get back the invested amount. The order passed in the hearing came in favour of the allottees, which was to be complied with by the promoter.
To ensure the execution of the passed order, the allottees registered an online 'order execution request' on the portal and the promoter was also given as much time as possible to comply with the order.
Meanwhile, the promoter completed the unit and proposed to hand over the possession to the allottees. While hearing the matter on the next date, the Authority ordered the promoter to give immediate possession of the unit and pay about Rs 24 lakh as interest for the delayed period. Finally, an RC was issued against the promoter for the same.
After the recovery certificate, the promoter made an offer of settlement to the allottees and proposed to offer immediate possession of the unit along with honouring the recovery certificate, to which the allottees agreed, the statement said.
Also Read: UPRERA disposes of over 88% consumer complaints, most of them against promoters
Moneycontrol reached out to the promoter Wave One but there was no immediate response.
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