The Punjab Real Estate Regulatory Authority (RERA) has ordered Omaxe New Chandigarh Developers Pvt Ltd to compensate homebuyers Naresh Garg and Anju Garg due to significant delays in the possession of their apartment in the “Caspean E” tower of The Lake project in New Chandigarh. RERA Member-II Arunvir Vashista stated that the developer failed to deliver the flat by the agreed deadline of July 31, 2023, despite the Garg family paying over 90% of the sale price. The couple approached RERA seeking possession and interest for the delay, highlighting that the project was incomplete and lacked an occupation certificate (OC). Omaxe argued that the delays were due to uncontrollable circumstances, including the Covid-19 pandemic. However, RERA found that nearly three years had passed since the promised date without any valid timeline for completion. The authority ruled in favor of the complainants, citing Section 18 of the Real Estate (Regulation and Development) Act, 2016, which entitles buyers to interest for delayed possession. Omaxe is required to pay interest at a rate defined by the Punjab RERA Rules, 2017, from the deadline until a valid offer of possession is made.