Chandigarh, June 3 -- The Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe New Chandigarh Developers Pvt Ltd to pay interest to homebuyers Naresh Garg and Anju Garg for the delay in handing over possession of their apartment in the "Caspean E" tower of The Lake project in New Chandigarh.

In an order passed by RERA Member-II Arunvir Vashista, the authority held that the developer failed to deliver possession of the unit within the agreed timeline of July 31, 2023, despite the buyers having paid more than 90% of the sale consideration.

The complainants approached RERA seeking possession of the flat along with interest for the delayed period. They argued that the project remained incomplete and that no occupation certifica...