The Tamil Nadu Real Estate Regulatory Authority (TNRERA), Chennai, has directed Ozone Projects Private Ltd. to refund the amount paid along with interest, and pay a compensation of ₹2 lakh each to two home buyers for non-delivery of flats.
In two separate petitions, Yogi Saraf and Rinku Saraf said they had booked two flats in Ozone’s project “The Metrozone” at Pillayar Koil Street, Anna Nagar, Chennai, and entered into two separate sets of agreements for sale and construction on September 20, 2019.
The price of the flats was about ₹1.82 crore each and the buyers said they had paid about ₹70.60 lakh each so far and the due date for delivery was March 2019, with a grace period of 6 months which ended in September 2019.
Till date, the construction of the apartments had not been completed, the petitions noted.
The buyers said they had availed housing loans for the purchases and the EMI was to start from March 2019. There was no development in the project site and the bank was demanding payment, they added, and sought a refund as per the provisions of the RERA Act.
As per a tripartite loan agreement entered into between the developer, buyer and Axis Bank under the subvention scheme, Ozone had agreed to pay the interest on behalf of the buyers till the date of handing over the flats but failed to complete the construction within the agreed upon time limit, the buyers noted.
The TNRERA said despite sufficient time given no counter was filed by the developer and no evidence was submitted and ruled that the two buyers were eligible for refunds and directed the firm pay them along with an interest of 10.05% per annum. It also awarded ₹25,000 each to the complainants towards litigation expenses.
