Mohali, March 3 -- The Punjab Real Estate Regulatory Authority (RERA) has ordered Omaxe Chandigarh Extension Developers Pvt Ltd to pay 10.80% annual interest to an Ambala-based couple for over four years of delay in handing over possession of their flat in "The Lake" project at New Chandigarh. In its February 17, 2026 order, the authority directed the developer to clear interest arrears within 90 days and issue a valid offer of possession after obtaining the completion certificate. The detailed order was issued recently. The complainant represented by Advocate Mohd, Sartaj Khan, submitted that they had booked a 3BHK flat in November 2015 for Rs.83.55 lakh. As per the allotment letter dated November 23, 2015, possession was to be delivered by November 22, 2019. The couple paid Rs.68.70 lakh under a construction-linked plan and availed a home loan through SBI. However, no legal offer of possession was made even after the stipulated period, prompting them to approach RERA in May 2023 seeking interest for delayed possession and directions to obtain the occupation, completion certificate. The developer argued that the completion period was only indicative and subject to force majeure conditions, citing holidays, alleged payment defaults by the buyers and the Covid-19 pandemic. It also contended that compensation was limited to Rs.5 per sq ft per month as per the agreement and raised objections including non-joinder of SBI and the existence of an arbitration clause. RERA rejected these contentions, observing that the due date of possession was November 22, 2019, before the Covid-19 pandemic began and therefore lockdown could not justify the delay. The authority also held that arbitration clauses cannot override statutory remedies under the Real Estate (Regulation and Development) Act, 2016. While allowing a minor adjustment of Rs.12,439 towards pre-possession payment delay, RERA held that the complainants are entitled to interest under Section 18(1) of the Act from November 22, 2019 until the actual delivery of valid legal possession. The authority warned that failure to comply within the stipulated period could attract penalty proceedings under the Act....