Team Herald
PANJIM: The Goa Real Estate Regulatory Authority (RERA) has ordered Alchemy India to refund Rs 47.40 lakh to Jatinder Narang within 60 days and also to pay him an interest at the rate of 11.10 per cent per annum for delay in delivering the possession of a studio at Pernem.
If you enjoyed reading this article, you can help support our journalism by adding OHeraldo as a preferred source.
Narang had sought a refund of Rs 47.50 lakh along with interest calculated at the rate of 24 per cent from the Studio apartment which was supposed to be handed over on May 31, 2017.
Goa RERA Member Vincent D’Silva has also directed Alchemy India to pay Narang costs of Rs one lakh within 60 days of the order, failing which it will carry interest in terms of Rule 18 of the Goa Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rate of Interest and Disclosures on Website) Rule 2017 till payment.
The Alchemy India has also been directed to pay Rs two lakh as penalty under Section 61 of the Act for violation of Section 11(4)(a) and (f) read with Section 18 of the Act and file compliance report of the order in the form of an affidavit within 60 days.
As per the complaint, Alchemy India had induced Narang to invest in a Studio apartment in a building project known as ‘The project Sagrados’ located in Pernem.
Narang entered into an agreement for sale on January 16, 2017, for Rs 49.91 lakh. The amount was to be paid in installments. Narang paid Rs 47.40 lakh for the purchase of the apartment and the Alchemy India was obliged to hand over the possession of the apartment on May 5, 2017, but the possession was not given.
