Mohali, June 18 -- The Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe Chandigarh Extension Developers Pvt. Ltd. to pay Rs.34.81 lakh as interest to two homebuyers for delaying possession of a flat in its "The Lake" housing project at New Chandigarh. According to the homebuyers represented by Mhd Sartaj Khan, the complainant booked a 3BHK apartment in the project and paid Rs.58.60 lakh towards the total sale consideration of Rs.72.18 lakh. The initial booking was made in August 2014. The allottees told the authority that despite paying more than 80% of the sale consideration, they had not received possession of the apartment. They sought interest for the delay and directions to the developer to hand over possession after obtaining the required approvals. The developer contested the complaint and argued that the matter was not maintainable. It also cited an arbitration clause in the agreement and raised objections regarding the impleadment of one of its directors. After examining the record, the authority removed the director from the array of parties and held that the complaint would continue only against the promoter company. It also rejected the objection regarding arbitration, relying on Supreme Court judgments that uphold the jurisdiction of regulatory authorities in such matters. RERA observed that the agreement required the promoter to offer possession within 42 months, along with a six-month grace period. The authority held that possession should have been offered by November 10, 2020. Holding that the promoter failed to fulfil its obligations under Section 18 of the Real Estate (Regulation and Development) Act, 2016, the authority directed Omaxe to pay interest at 10.80% on the amount deposited by the allottees. RERA calculated the interest payable up to May 31, 2026, at Rs.34,81,119 and directed the company to pay the amount within 90 days. It further ordered the developer to pay Rs.52,747 per month as continuing interest from June 1, 2026, until valid possession is offered....