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 certificate (OC) had been obtained, preventing lawful possession from being offered. The developer contested the complaint, attributing the delay to circumstances beyond its control, including disruptions caused by the Covid-19 pandemic and delays in obtaining regulatory approvals. It maintained that it had acted in good faith and sought dismissal of the complaint. After examining the record, the authority found that possession had not been delivered even nearly three years after the promised date and that the developer provided no definite timeline regarding completion. RERA observed that Section 18 of the Real Estate (Regulation and Development) Act, 2016, grants allottees a statutory right to receive interest for delayed possession. Allowing the complaint, the authority directed Omaxe to pay interest on the amount deposited by the buyers at the rate prescribed under the Punjab RERA Rules, 2017-equivalent to the highest marginal cost of lending rate (MCLR) plus two per cent-from July 31, 2023, until a valid offer of possession is made after obtaining the requisite occupancy and completion certificates....