Haryana RERA Directs Imperia Structures To Pay Assured Returns To Complainant

Assured returns projects are schemes where builders promise to pay a fixed amount to homebuyers at regular intervals (usually monthly) for a specified period.

Background Facts

Complainant purchased a commercial virtual office in the builder's (Respondent) project named Imperia Mindspace situated at Sector 62, Gurugram. The basic sale consideration of the project was Rs. 15,95,084. Complainant paid the entire consideration in advance as the office was purchased in the Assured Return Scheme.

Complainant and builder entered into the builder buyer agreement on 21^st September, 2016. As per the clause 33 of the agreement the builder was supposed to pay assured return of Rs. 36,554 per month till the time of the possession of the property and post that builder was supposed to pay monthly committed return at Rs. 33,065 for next 3 years from the date of valid offer of possession.

The builder initially paid the assured returns for a few years but delayed payments from March 2018 and stopped paying altogether from January 1, 2019, despite repeated reminders from the complainant.

In July 2019, the builder informed the homebuyers via email that they had obtained the fire occupation certificate and offered possession of the unit. However, upon inquiry, the complainant discovered that only a partial occupation certificate (OC) had been issued.

Being aggrieved, the homebuyers filed a complaint before the authority seeking directions to the builder to clear pending assured returns from January 1, 2019, pay monthly commitment charges for three years post-OC and provide interest at 18% per annum on the dues.

Observation and Direction by Authority

Authority referred clause 33 of the buyer's agreement which stipulated that builder has agreed to pay Rs. 36,554 per months by the way of assured return to the homebuyer from the 20^th September 2016 till the date of possession of flat.

Authority referred its decision in the Case of Gaurav Kaushik and anr. Vs. Vatika Ltd., Where authority held that when payment of assured returns is part of the buyer agreement or MOU, the builder is liable to pay the amount.

Therefore, the Authority directed the builder to pay the assured return of Rs. 36,554 per month, for the period from January 2019 (when the assured return was not paid) until the receipt of the occupation certificate on 28^th November, 2019.

Authority further referred Clause 34 of the buyer's agreement which stipulated that builder will pay Rs. 33,065 to the homebuyer per month as committed return for up to three years from the date of notice of offer of possession.

Authority observed that the builder offered possession for fit-out on 23 August 2019, even though the occupation certificate for the tower where the homebuyer's unit is located was received on 28 November 2019.

Therefore, the Authority held that the offer of possession made by the builder on 23 August 2019 was invalid as it was made prior to obtaining the occupation certificate. Consequently, homebuyer is entitled to the committed assured return up to 3 years from the date of the occupation certificate at the agreed rate of Rs. 36,554 per Month.

Further, regarding the issue of whether the complainant can claim both assured interest and interest for delayed possession under Section 18 of RERA, the Authority observed that in a case where the assured return is reasonable and comparable to the interest for delayed possession and the assured return is payable even after the due date of possession until the handing over of possession of the flat then the complainant shall be entitled to either the assured returns or the interest under Section 18, whichever is higher.

Case – Shasi Vats & anr Versus M/s Imperia Structures Limited

Citation – Complainant 1525 of 2023

Date – 16^th Jan, 2025

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