Mohali, April 25 -- The Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe Chandigarh Extension Developers Private Limited to pay delay interest on over Rs.1.6 crore paid by a homebuyer after finding a delay of more than six years in handing over possession of a penthouse in its New Chandigarh project "The Lake". The complainant represented by it's counsel Shahnawaz Khan had booked a 4BHK penthouse in Tower Caspean-E in 2015 for Rs.1.93 crore under a subvention scheme. He paid a total of Rs.1,66,76,029, including bank disbursal and personal contribution, but did not receive possession within the agreed timeline. As per the allotment terms, the developer was required to hand over possession by February 11, 2019. However, no offer of possession was made even years after the deadline. The authority noted that the delay extended well beyond the committed period and could not be justified on grounds such as the Covid-19 pandemic, as the due date had already passed before the outbreak. The complainant also alleged that the developer charged him based on super area instead of carpet area and sought refund of excess payment. However, the authority rejected this claim, observing that the agreement was executed in 2015, prior to the implementation of the RERA Act, and the buyer had accepted the terms at the time. The developer contested that the unit price was calculated on the basis of super area as per the buyer's agreement signed in 2015, prior to the implementation of RERA. It argued that the complainant had accepted the terms knowingly and also defaulted on timely payments, making him liable for interest. The developer further submitted that the construction timeline was indicative and subject to delays due to factors beyond its control, including force majeure conditions. On the issue of delayed possession, the authority held that the developer was liable to compensate the buyer under Section 18(1) of the Real Estate (Regulation and Development) Act, 2016. It directed the company to pay interest at the rate of 10.80% per annum on Rs.1.60 crore paid before the possession deadline from February 11, 2019, till the date of the order. For the remaining amount paid after the due date, interest at the same rate will be calculated from the respective dates of deposit. The authority further directed the developer to continue paying interest on the entire amount of Rs.1.66 crore from the date of the order until possession is handed over or for a specified period after obtaining completion certification. RERA also instructed the developer to issue a formal offer of possession only after securing the completion certificate from the competent authority. The authority warned that failure to comply with the order within the stipulated period could invite penalties under the provisions of the Act....