Haryana RERA Orders Developers To Pay ₹40.16 Lakh To Homebuyers For Lost Property Appreciation

The Haryana Real Estate Regulatory Authority (HRERA) has recently directed Microtek Infrastructures Pvt. Ltd. and Deepanshu Projects Pvt. Ltd. to pay Rs 40.16 lakh to homebuyers towards loss of property appreciation, even though the buyers had earlier been granted refund of the deposited amount.

The order was passed by Adjudicating Officer Rajender Kumar.

The complaint was filed by Mridula Parti and Partha Sarathi De in relation to a flat booked in the project “Greenburg” at Sector 86, Gurugram.

The Builder Buyer Agreement fixed January 1, 2017 as the due date of possession. An Occupation Certificate was obtained on July 27, 2017. Possession, however, was offered on July 14, 2018.

The officer noted that the OC was subject to conditions. Electricity connection in the apartment was installed only on August 20, 2018. In these circumstances, the Officer held that “being subject to certain conditions, offer of possession by respondents was not a legally valid offer.”

By an earlier order dated October 29, 2024, the Authority had directed a refund of the deposited amount after deducting 10% of the sale consideration, along with interest at 11.10% per annum. The complainants thereafter approached the Adjudicating Officer seeking compensation.

Referring to Section 18(1) of the Real Estate (Regulation and Development) Act, 2016, the Officer held that when the promoter fails to hand over possession as per the agreement for sale, “apart from refund of the amount, allottees-complainants are entitled for compensation.”

On the objection that the complainants had not immediately sought refund, the Officer observed, “There can be no estoppel against law.”

On appreciation, the officer referred to the residential real estate market in Gurugram. The order records that average housing prices surged by nearly 160% between January 1, 2017 and October 29, 2024.

It observed, "It can be presumed that amount paid by complainants to the respondents in purchase of subject unit, if was invested in some other similar project, it would have at-least doubled till the date of order of refund.”

Accordingly, Rs. 40,16,000 (rounded up) was awarded towards loss of appreciation. Rs. 1 lakh was granted for mental agony and harassment, and Rs. 50 thousand was awarded as litigation costs.

All amounts will carry interest at 10.85% per annum from the date of the order till realisation. The developers were held jointly and severally liable

For complainants (Mridula Parti & Partha Sarathi De): Advocates Ms. Ada Khursheed, Ms. Shriya Takkar.