Seven Years of Waiting Ends: Wave Royal Castle Buyer Set to Receive Possession by June 30

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    In a recent development, the Conciliation Forum of Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has successfully mediated an agreement between a buyer and Sun City Hitech Infrastructure regarding the Wave Royal Castle project in Greater Noida. The forum has directed the builder to hand over possession of the flat, along with the necessary registry, to the buyer no later than June 30. Additionally, the builder has been penalized for the delay in delivering the possession, which comes after a seven-year delay for the buyer.

    The buyer, Sushila Bansal, a resident of Ghaziabad, had purchased a flat in Wave Royal Castle in 2013 at a cost of Rs 30 lakh, of which she had already deposited Rs 21.50 lakh. The builder had initially promised possession by 2016 but failed to fulfill the commitment. Consequently, Bansal lodged a complaint with UP RERA in 2021. Following a thorough investigation and subsequent discussions, the Conciliation Forum reached a resolution.

    Forum President RD Paliwal stated that the penalty for the delayed possession amounted to Rs 5.87 lakh, which was adjusted in the final demand amount from the builder. As part of the agreement, the buyer is required to pay Rs 7 lakh at the time of possession handover, scheduled to take place before June 30. Both parties have mutually agreed to the terms outlined in the resolution.

    The Conciliation Forum of UP RERA has been effectively addressing numerous cases, having resolved more than 1150 disputes involving assets worth over 485 crores. This latest resolution serves as a positive example of the forum’s commitment to ensuring fair outcomes for buyers and builders alike.

    Also Read :- Greater Noida Authority to Crack Down on Builders Providing Possession Without Registry

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