Jaipur. This is a very important and precedent-setting decision for home buyers in the real estate sector, which teaches us how important it is to understand the legal nuances before signing the agreement language with the builder.
Rajasthan Real Estate Regulatory Authority (RERA) has approved a project related to Argus project in Jaipur. cases It has been made clear that if a buyer gets the price of the flat reduced in the sale deed in lieu of delay in possession, then he cannot later claim delay interest under the rules of RERA. authority members Sudhir Kumar Sharma has dismissed the petition filed by complainant Rimpi Agarwal against Arg Developers Pvt Ltd, holding it to be a legal ‘surrender of rights’.
According to the case, the complainant had booked unit number 902 in Argus Project, for which the sale agreement was signed on October 30, 2018. Under the agreement, the total price of the flat was fixed at ₹2,09,19,008 and the expected date of possession was June 30, 2019. However, the project got delayed and the sale deed was finally executed on 21 September 2021. The complainant had filed a petition in RERA against this delay, demanding interest for the delay in possession and completion of the incomplete works.
During the hearing, the builder argued that the price of the flat was reduced from ₹2.09 crore to ₹1,74,83,148 with mutual consent to compensate for the delay in possession and some incomplete works (like VRV and doors). The Authority took serious cognizance of a special note recorded below Schedule-6 (Part-A) of the sale deed, which clearly stated that the buyer and the seller have mutually agreed to reduce the price to compensate for the delay in possession as per RERA norms.
RERA in its order underlined that when the buyer has obtained the benefit by getting the price reduced in the sale deed and has signed it, it simply means that he has voluntarily given up his right to demand delay interest. The order said that the buyer cannot go back from his written commitment nor can the law allow him to take profit twice for the same loss. After this important decision, it has now become clear that the ‘discount’ terms recorded in the sale deed can nullify the future legal claims of the buyer.
Read this also – Click to read the news of your state/city before the newspaper.
