The Haryana RERA has asked Vatika Ltd to refund money paid by 28 buyers with interest for its failure to start construction of the project. In case the buyers obtained loans from the banks, the realtor has been asked to pay back the amount to banks, the RERA made it clear to the realtor. “Buyers are fully entitled to recover the amount paid as the promoter failed to start the project”, it said. They have to pay 10.25% interest from the date of payment till the amount is returned to them. Even after making payments to banks and other financial institutions, if the promoter is due to pay any amount to buyers, the promoter is ordered to make payments to buyers
In 2013 Vatika launched a real estate project named Turning Point in Sector 88B of Gurgaon. After the launch, units were sold in different ways to different people on various dates. The deadline to complete the project has been set as September 15, 2015 and also to hand over the units to buyers. However, even after four years after the launch of the project, no work commenced except minor excavations. Responding to a complaint from the victims, the RERA asked the promoter to pay compensation to buyers. .
