Ramprastha homebuyers get 20 crore in delayed compensation from developer

Around 200 flat owners represented by the Ramprastha City residents’ welfare association (RWA) in Sector 37D have won a delayed compensation of 20 crore from the developer after a long battle in the National Consumer Disputes Redressal Commission (NCDRC).

It is noteworthy to mention that the flat owners managed to get assets worth 20 crore from the realtor Ramprastha Promoters & Developers Pvt Ltd in the form of eight flats, which have been transferred in the name of the RWA, when the developer submitted in the court that it did not have money to pay compensation to the homebuyers.The flats were registered in the name of the RWA in the months of May and June this year, and the final agreement between the developer and RWA was submitted to the NCDRC on July 20.

The RWA said that the proceeds from the sale of these flats will be shared by around 200 flat owners, who had filed six cases of delayed possession against the developer from 2015 to 2018 in the NCDRC.
As per the RWA, the NCDRC had directed in September 2022 that delayed compensation should be paid to the group of 200 flat buyers from three Ramprastha condominiums, namely Atrium, View and Edge, at the rate of 6% for almost 60 months on the cost of their apartments.
The RWA said that the buyers had bought the flats in 2010 and they were promised delivery in 2014, but the homes were delivered only in 2018.Around 200 home buyers joined hands from 2015 to 2018 and filed six cases against the developer for delay in delivery and demanded compensation.

Pradeep Rahi, president of the RWA, said that after the NCDRC verdict in September 2022, when the association approached the developer for payment of compensation, the company said that they did not have the cash to pay the delayed penalty and that the project had been taken over by a bank.The RWA said that they waited for the execution of the order for 90 days and then again went to the NCDRC for its execution. Eventually, the builder came forward and the idea of transferring flats to the RWA was discussed.

“After examining all legal possibilities, the developer agreed to transfer eight 4BHK flats in the name of the RWA and the registry of these flats was carried out in the months of May and June. After the deal was completed, we submitted the agreement to the NCDRC on July 20, stating that we are satisfied with the compensation and it led to the closure of the matter,” said Rahi.On Sunday, the homebuyers held a get-together event at the Ramprastha City to celebrate their victory in the long-fought battle for getting delayed compensation from the developer, the RWA said.Atanu Bhattacharya, a flat owner said, “I got possession of my flat in 2018 and am getting a delayed compensation of around ₹8 lakh. It’s a happy situation for us and it was possible because we didn’t give up and continued to fight against the builder for justice”.

The homebuyers also said that despite facing problems and delays, they did not give up their fight for compensation, and stayed united, which ultimately helped them win the case.
Vikas Sahu, another Ramprastha homebuyer said, “Initially, we did not have belief in the idea that assets of the developer can be taken over by the association, but today when the flats are in our name as per the registry record and we have been able to take their possession also, it is a dream come true”.When asked about the development, Nikhil Jain, the chief executive officer of Ramprastha Promoters & Developers Pvt Ltd, confirmed that they had transferred eight flats to the RWA as compensation for delayed delivery and the matter stood resolved.“We have resolved the matter amicably with the homebuyers and agreed to pay the compensation as directed by the NCDRC,” Jain said.