RERA Punjab said the compensation amount of Rs 1,27,57,161 was calculated at an annual interest rate of 10.80 per cent (Image: Just Dial) In a major relief to a homebuyer, the Punjab Real Estate Regulatory Authority (RERA) has directed Omaxe Chandigarh Extension Developers Pvt Ltd to pay nearly Rs 1.27 crore as interest compensation to a buyer over a prolonged delay in handing over possession of a flat in its “The Lake” project in New Chandigarh. The authority said the compensation amount of Rs 1,27,57,161 was calculated at an annual interest rate of 10.80 per cent, based on the State Bank of India’s highest Marginal Cost of Lending Rate (MCLR) of 8.80 per cent plus 2 per cent. In his order, RERA member Binod Kumar Singh said that if the developer fails to hand over legal possession, the compensation will continue to rise by nearly Rs 1,50,084 every month until the possession is offered.…