Mohali, April 28 -- Ruling that a homebuyer's right to timely possession cannot be denied, the Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe Chandigarh Extension Developers Private Limited to hand over a residential unit in its "The Lake" project in New Chandigarh and pay interest on Rs.88.83 lakh for a delay of over five years. The authority held the promoter failed to deliver possession within the agreed timeline and found the complainants entitled to interest under Section 18 of the Real Estate (Regulation and Development) Act, 2016. The complainant represented by advocate Sartaj Khan, had booked a flat in October 2015 for Rs.88.83 lakh. As per the agreement, possession was to be handed over by October 30, 2018. However, the builder neither completed the project nor offered possession even after the stipulated date. RERA observed that the complainants had paid over Rs.75 lakh, which was more than 90% of the total cost, and had fulfilled their obligations. It rejected the builder's argument that the delay was due to payment defaults and force majeure conditions, including the Covid-19 pandemic, noting that the committed possession date had already lapsed before the pandemic began. While allowing the complaint partly, RERA directed the builder to hand over possession after obtaining the required occupancy and completion certificates. It also ordered payment of interest at the prescribed rate State Bank of India's highest marginal cost of lending rate plus 2% from October 30, 2018, till possession is delivered. However, the authority denied the complainants' plea for refund of charges based on super area, stating that the agreement was executed before RERA came into force and its terms would prevail. It also held that interest paid by the builder to the bank under a subvention scheme cannot be claimed again by the complainants, as that would amount to double benefit. The authority directed the builder to comply with the order within 90 days, failing which recovery proceedings may be initiated as arrears of land revenue....