Gurgaon: Haryana Real Estate Regulatory Authority (Hrera) has directed a developer to pay delayed possession charges at an annual interest rate of 10.8% to four homebuyers.Pyramid Infratech has been given 90 days from the date of the order to pay accrued interest to the four buyers — Subhasis Das, Ankit Kaushik, Gopal Chandra Mohanty and Anita Sharma — of its affordable housing project — Pyramid Fusion Homes — in Sector 70A.On July 17, chairman Arun Kumar, while disposing of the four complaints filed against the developer, told buyers to pay any outstanding dues after adjustment of the interest for the delayed period.The project, located in Palra village, was registered under Hrera in Feb 2019. Its building plans were approved on Jan 23, 2019, while environmental clearance was obtained on Aug 30, 2019.Under the Haryana Affordable Housing Policy, 2013, the project was required to be completed within four years from the later of the building-plan approval or environmental clearance. Hrera held that the applicable possession deadline was Aug 30, 2023. It subsequently allowed a six-month Covid-related extension, taking the effective due date to Feb 30, 2024, for the purpose of determining delay.The complaints related to delay in handing over flats and alleged levy of various additional charges. Hrera, however, did not grant relief on the buyers’ other claims for refund of certain charges after noting that the conveyance deeds had already been executed and the accounts settled.The Authority rejected the developer’s plea that construction delays caused by pollution-control orders, Covid-19 lockdowns, labour shortages and other regulatory restrictions should provide further relief.It observed that such recurring restrictions should have been factored into project planning.The Authority noted that the occupation certificate was obtained on Aug 14, 2024, possession was offered on Aug 21, 2024 and the unit was handed over on Sept 3, 2024. A conveyance deed was subsequently executed on June 24, 2025.Hera rejected the developer’s contention that execution of the conveyance deed extinguished the buyers’ right to claim compensation for delayed possession.Citing Supreme Court precedent, the Authority held that a conveyance deed transfers title but does not by itself wipe out the promoter’s statutory liabilities relating to delay.The Authority determined the prescribed interest rate at 10.8% per annum, based on State Bank of India’s marginal cost of lending rate of 8.8% prevailing on the date of the order, plus 2%.It directed Pyramid Infratech to pay delayed possession charges on the amounts paid by the complainants from the due date of possession until two months after the valid offer of possession or actual handing over, whichever was earlier.No interest can be charged from the buyers for the six-month Covid period between March 1 and Sept 1, 2020. The directions apply to all four complaints covered by the order.
