Mohali, March 4 -- The Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe, New Chandigarh, to pay Rs.28.4 lakh interest, calculated at the highest MCLR (marginal cost of fund-based lending rates) of 2% on the total amount deposited, and continue monthly compensation to a homebuyer for delay in handing over possession of a flat in "The Lake" project.

It also directed the builder to issue a new possession offer within two months and adjust the awarded interest before seeking any remaining payment.

The complainant, a Maharashtra resident, had booked the apartment in July 2018 for Rs.82.89 lakh. As per the buyer's agreement, possession was to be handed over by July 31, 2021. She paid Rs.54.53 lakh but did not receive the flat...