HRERA orders Pyramid Infratech to pay 10.8% interest to four Gurgaon homebuyers

Four buyers at Pyramid Fusion Homes in Sector 70A will receive delayed-possession interest at 10.8% a year under a Haryana Real Estate Regulatory Authority order against developer Pyramid Infratech.

The July 17 order covers Subhasis Das, Ankit Kaushik, Gopal Chandra Mohanty and Anita Sharma. HRERA directed the company to pay the accrued interest within 90 days of the order date. It also directed the buyers to clear any outstanding dues after the interest is adjusted.

The affordable housing project in Palra village received environmental clearance on August 30, 2019. HRERA treated August 30, 2023, as the possession deadline and allowed a six-month Covid-related extension while calculating the delay. The authority said it issued an occupation certificate on August 14, 2024, possession was offered on August 21, and the flats were handed over on September 3.

HRERA rejected the developer’s request for further relief based on pollution-control restrictions, lockdowns, labour shortages and regulatory constraints. The authority said recurring restrictions should have been considered in project planning.

HRERA also said that a conveyance deed transfers ownership but does not remove a promoter’s liability for delayed possession. The 10.8% interest rate is based on SBI’s 8.8% marginal cost of lending rate plus 2%.