Gurgaon: Haryana Real Estate Regulator Authority (H-Rera) Gurgaon Bench, while throwing 26 cases related to non-payment returns to investors, has explained that the developer cannot leave the contractual obligation or quotes a new pact executed because the actions of Rera come into force in 2016 .
Head of H-Rera KK Khandelwal said cases that were heard were mostly related to one city-based developer.
He hopes the regulator’s order on Wednesday will help realize the crores rupee because of the developer, “which has arrogantly and naughtyly refrains from paying a guaranteed return” after collecting 100% payment of investors.
In a statement, the Gurgaon H-Rera bench said, “The decision of this authority was significant and would walk far in curbing / regulating malpractice by promoters raising funds with floating a guaranteed return scheme.” According to Khandelwal, some cases have been submitted before the regulatory authorities, with ALLOTTEES who are harmed accusing the developer of real estate to attract them to invest in realty projects by promising certain monthly rate returns at unit prices.
“The guaranteed return scheme often seems to be very beneficial for buyers because they are promised by the level of interest that is guaranteed and also has property on the date of the agreed settlement,” Khandelwal said.
While saying an assessment on Wednesday, the authority, relying on the view taken by the Bombay High Court in the case of Realtors Neelkamal Realtors, held that real estate laws (regulation and development), 2016, have no provisions to rewrite the contractual obligation between the parties.
“Therefore, the developer cannot be allowed to take a request that there is no contractual obligation to pay the amount of return that is guaranteed to allottes after ACT Rera, 2016, it comes into force or that the New Testament is executed in connection with the fact,” Khandelwal said.
In his assessment, the regulator also explained that in disputes related to the return scheme that was confirmed, money was taken by the developer because further deposit against non-moving property allotment and ownership must be offered to Allottee in a certain period in line with the builder of pact -Buyer.
“By taking a consideration of advanced ways, builders promise a certain amount by convincing returns for a certain period, because it’s a failure to the builder section to fulfill its commitment, Allottee has the right to approach the authority for the recovery of complaints by filifying complaints,” he said.
City-based real estate agents say convincing returns are the way developers to raise funds that help them avoid going to banks wherever possible for loans.
“Developers also execute formal agreements with buyers for the same thing,” said the agent.
In commercial properties, the guaranteed returns promised to reach 12%.
“Many investors consider it a favorable investment because of return,” said a real estate consultant.