Picture used for representational purpose only
MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has restrained a builder from making any changes to a sanctioned plan without following the provisions laid down under Section 14 of the Real Estate (Regulation and Development) Act (RERA) which requires prior consent of two-thirds of the buyers.
After issuing the order, MahaRERA member B D Kapadnis on January 28, directed the builder to pay the complainant 9% simple interest on the Rs 1 crore that was paid in April 2014 till handing over the possession of seven shops in a redevelopment project at D N Nagar in Andheri (W).
Mumbai: MahaRERA directs ace builder to pay interest to homebuyers for delayed possession
Nirmal Lifestyle also ordered to pay additional Rs 20,000 as cost of complaints
Mumbai: In a major relief to the homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed a builder to pay interest on amount received from them over the delayed possession of flats. In addition, it has ordered to pay additional Rs 20,000 each to complainants as cost of complaints.
The matter is about seven hombuyers who purchased flats in Zircon Building at Mulund, a project by Nirmal Lifestyle Ltd. The homebuyers filed complaint in MahaRERA seeking interest on the amount they paid as a compensation for the delay in possession of the project under Section 18 of RERA Act. The complainants were represented by Godfrey Pimenta.
Maharashtra RERA asks developer to deliver, not to differentiate between homebuyer, investor
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Synopsis
The ruling is expected to set a precedent for all such matters arising from the refusal of developers to acknowledge the rights of investors as homebuyers that are pending before consumer forums, other state RERA authorities and courts.
Agencies
As per the allotment letters, the developer agreed to hand over possession within two years, with the stipulation that the apartments would be bought back if they were not delivered on time.
MUMBAI: In a landmark ruling, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has refused to differentiate between an investor in a housing project and a homebuyer and has directed a developer to honour contractual obligations.
MahaRERA Asks Developer to Pay Rs60 Lakh as Penalty for Delay in Possession
Moneylife Digital Team
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In a recent order, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Conoor Builders to pay a home-buyer in its Gateway project at Andheri (West), interest at marginal cost lending rate (MCLR) of SBI plus 2% for a three-year delay in possession. According to the home-buyer’s lawyers, the total penal amount is estimated to be around Rs60 lakh.
MahaRERA member, Vijay Satbir Singh, in his order, clarified that the builder cannot transmute its statutory liability to the land owner as there is no privity of contract between the complainant and the land owner (AH Construction) since land owner is not party to the registered sale agreement executed between the complainant and the respondent.
MahaRERA earns nearly Rs 6 50 crore from complaint filing fees freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.