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In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016 (IBC). Some decisions rendered from.
EOW's housing fraud unit–2 on Thursday arrested Dharmesh Jain, 55, and Rajiv Jain, 50, directors of Nirmal Lifestyle Ltd, for allegedly duping 34 flat buyers to the tune of Rs 11 crore.
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.
MahaRERA Asks Nirmal Lifestyle To Pay 9% Interest Since 2006 to Homebuyer for Delayed Possession
Moneylife Digital Team
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Maharashtra Real Estate Regulatory Authority (MahaRERA) recently passed an order directing a developer to pay interest since September 2006 (when the project ought to have been completed) on the total amount paid by a home-buyer for a flat in a high-rise at Kurla for failure to mention the date of possession in a 2003 agreement for sale.
The developer, Nirmal Lifestyle Ltd, has been ordered to pay simple interest at 9% per annum for the past 14 years.
The order says that interest has to be paid on the total consideration of about Rs28.13 lakh that was paid from 2006 till the date of handing over of possession. The developer was represented by advocate Atharva Dandekar and advocate Vaishali Mohite, who said that the apartment would be completed by December 2021.