Team Goemkarponn
PANAJI: The Goa Real Estate Regulatory Authority (RERA) has directed a builder to refund Rs 16,95,750 to a housing society, along with interest at the rate of 11.10% per annum, within 60 days from the date of the order.
In a recent ruling, RERA Member Vincent D’Silva held that the builder had wrongfully collected the corpus fund from members of the complainant society and failed to return the amount. The Authority observed that the housing society was entitled to the refund at the time of its formation.
The interest will be calculated from the date the complaint was filed until the amount is fully recovered. D’Silva further instructed the builder to file a compliance report in the form of an affidavit within 60 days. Failure to comply will invite further legal proceedings under the provisions of the RERA Act for enforcement of the order.
The order came after the society successfully established that the funds were collected and not reimbursed by the developer, thereby entitling them to both the principal amount and applicable interest.
