Mohali, June 10 -- The Punjab Real Estate Regulatory Authority (RERA) has directed a Zirakpur-based developer to pay over Rs.13.37 lakh in interest for the delayed possession of a flat to a Bihar homebuyer. The order stems from a complaint filed by Himanshu Kumar of Patna against M/s Paradigm Business Venture, the promoter of The Hermitage Park Phase-II project in Dhakoli, Zirakpur. The complainant, represented by counsel Mohd Sartaj Khan, booked a 4-BHK apartment in Tower 5A of the project in November 2022 and later signed an agreement to buy the flat in February 2023 for a total consideration of Rs.74.5 lakh. He paid over Rs.39.11 lakh under a construction-linked payment plan, including funds disbursed through a home loan from State Bank of India. The buyer alleged that the developer failed to hand over possession within the agreed schedule, and neither obtained the required occupancy certificate nor paid compensation for the delay. He approached Punjab RERA seeking interest on the amount deposited until lawful possession is offered. During the proceedings, the developer did not dispute the payment details or the delay and chose not to file a reply to the complaint. After examining the matter, RERA held that the delay was attributable to the promoter and that the allottee was entitled to interest under Section 18 of the Real Estate (Regulation and Development) Act, 2016. In its June 2 order, the authority directed the developer to obtain the occupation certificate and hand over lawful possession of the apartment. It also ordered payment of delayed-possession interest at 10.80% per annum on the amount deposited by the buyer from April 1, 2023, until a valid offer of possession is made. RERA calculated the interest payable up to May 31, 2026, at Rs.13.37 lakh and further directed the promoter to pay Rs.35,203 every month from June 1, 2026, until possession is offered. The authority also ruled that if the developer fails to comply within 90 days, the awarded amount can be recovered as arrears of land revenue through the district administration. RERA also ordered that any dues payable by the buyer and compensation payable by the builder must be adjusted against each other at the time of possession, with only the net balance remaining payable....