The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has awarded refund with interest for homebuyers since the promoter had an option to terminate the construction agreement, but did not do so.
A clause in construction agreement that had favoured the developer in event of any delay in payment by homebuyers came to their rescue.
The complaint pertains to delay in delivery of apartments to four homebuyers in a housing project at Kalavakkam in Thiruporur on the outskirts of the city, developed by Marg Properties Ltd.
According to the complainants, they were scheduled to receive the apartments in 2013. Charging that the developer was delaying the project, the homebuyers sought refund of the money paid by them.
The promoter cited “unexpected hurdles” in completion of the project and said the complainants did not make payments on time.
Noting that the complainants had paid more than 85 per cent of the sale consideration, the TNRERA ordered refund with interest to the homebuyers.
