Ocean Seven Buildtech Ordered to Compensate Homebuyers with 11% Interest for 8-Year Delay in Gurgaon Project

The Haryana Real Estate Regulatory Authority (HRERA) has mandated Ocean Seven Buildtech Pvt Ltd to provide substantial compensation to buyers of the OSB Expressway Towers project in Sector 109, Gurgaon. The authority reported that the developer had promised possession by May 2022 under the Affordable Housing Scheme, yet hundreds of flat allottees remain without their homes eight years later.

HRERA Enforces 11.10% Annual Interest Rate for Delayed Possession

The regulatory authority has established a compensation framework requiring Ocean Seven Buildtech to pay 11.10% per annum interest from the original possession due date until actual delivery. The authority specified that the developer must complete these payments within a 90-day timeframe, while buyers are required to settle any outstanding dues within 60 days.

Developer's Excuses Rejected by Regulatory Authority

Ocean Seven Buildtech had cited various challenges including National Green Tribunal restrictions, COVID-19 disruptions, and frozen bank accounts as justification for the project delays. However, HRERA dismissed these explanations and held the developer fully accountable for meeting contractual obligations. The authority also prohibited Ocean Seven from imposing additional charges not specified in the original agreement, such as labour cess or work-contract tax.

Financial Relief Provided While Home Delivery Remains Pending

While the monetary compensation offers some relief to affected buyers, the primary concern remains receiving their promised homes. Many purchasers have depleted their life savings for payments and are currently managing both rental costs and EMIs simultaneously. The HRERA ruling demonstrates the regulator's dedication to maintaining developer accountability and ensuring project completion timelines are met.

This case reflects broader trends in India's real estate sector, where MahaRERA has also taken strict action against non-compliant developers to protect homebuyer interests. Similar regulatory enforcement has been observed across various states, with authorities increasingly focusing on real estate resolution mechanisms to address project delays.

The compensation order comes at a time when affordable housing buyers across regions are seeking better protection and timely delivery of their investments.