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.1.66 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, ...