Kolkata: In a case where a real estate project failed, the West Bengal Real Estate Regulatory Authority (WBRERA) intervened to help the home buyer get adequate compensation from the developer.
According to WBRERA, a home buyer had deposited Rs 2,00,000 for a residence in Rajarhat, New Town, trusting in the assurances given by the developer. However, the project faltered and construction came to a halt. The home buyer’s complaint found its way to the digital platform of WBRERA. During a virtual hearing, the home buyer sought justice. Empowered by the WBRERA Act, the regulatory body assumed the role of a mediator. The authority issued a directive and the developer was instructed to refund the invested amount, supplemented with interest to nourish the return. A WBRERA official said: “This was more than a mere reimbursement since it was ensured that the refund was enhanced, calculated at the SBI Prime Lending Rate plus an additional 2 per cent, reflecting the cost of postponed aspirations. This compensation would be disbursed in three equal payments over three months, commencing after a 45-day grace period.”
After a period of anticipation, the homeowner received the full refund and interest following RERA’s order. Such intervention provided relief and restored faith in the system, ensuring the homeowner’s investment was returned on time.
“This account highlights the strength of RERA, a safeguard against unfulfilled commitments and underscores that the Real Estate (Regulation and Development) Act, 2016, is not merely a collection of regulations. It is a dynamic entity, fostering transparency and accountability in the real estate sector. For every homeowner who feels their aspirations are entangled in a maze of setbacks and conflicts, RERA is here to assist. It serves as a rallying point, encouraging individuals to pursue justice,” said a WBRERA statement.