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MUMBAI: MahaRERA in a recent order directed Unmesh Joshi, promoter of Kohinoor City at Kurla, to pay a home buyer 9% interest on the amount paid by him till possession of the flat was handed over.
The complainant had booked the flat in 2014 and had paid over Rs1 crore. The developer had initially promised possession by 2016, but later revised it to June 2021. MahaRERA member BD Kapadnis rejected the contention of the developer that the complainant was not entitled to seek interest for delayed possession as an agreement for sale had not been executed.
According to the complaint, Deepak Mandlik had booked a flat in the project on December 9, 2014. Though the promoter had agreed to hand over possession by December 31, 2016, the project is still under construction. Mandlik paid over Rs1 crore of the total Rs1.74 crore, but no agreement for sale was executed by the developer.
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.
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.
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MUMBAI: MahaRERA in a recent order directed Conoor Builders to pay the owner of a flat in its Gateway project at Andheri west interest at marginal cost lending rate of SBI plus 2% for a nearly three-year delay in possession. The flat buyer’s lawyers pegged the amount at around Rs 60 lakh.
MahaRERA member, Vijay Satbir Singh, in his order has also stated the builder cannot shift its statutory liability to the land owner as there is no privity of contract between the complainant and the land owner since it is not party to the registered sale agreement executed between the complainant and the respondent.
MahaRERA asks Conoor builder to pay buyer Rs 60 lakh for delay
BySanjeev DevasiaSanjeev Devasia / Updated: Jan 9, 2021, 09:44 IST
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MUMBAI: MahaRERA in a recent order directed Conoor Builders to pay the owner of a flat in its Gateway project at
Andheri west interest at marginal cost lending rate of SBI plus 2% for a nearly three-year delay in
possession. The flat buyer’s lawyers pegged the amount at around Rs 60 lakh.
MahaRERA member, Vijay Satbir Singh, in his order has also stated the
builder cannot shift its statutory liability to the
land owner as there is no privity of contract between the complainant and the land owner since it is not party to the registered sale agreement executed between the complainant and the respondent.