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MUMBAI: ‘Possession’ of flat doesn’t mean ‘fit out possession’ under RERA. Ruling on the sanctity of the ‘specified date’ of possession, Maharashtra Real Estate Appellate Tribunal asked a builder to refund with interest money paid by two buyers who withdrew from a project three months after delivery of their flats was due.
The tribunal held that the promoters of Palava Lakeside in Kalyan failed to hand over possession of two flats by February 28, 2018, as mentioned in the agreements for sale (AFS) and thus allottees were entitled to withdraw and get refund with interest. “Section 18 of RERA is absolute on the point of ‘specified date’ mentioned in the agreement for giving possession” and not on any “grace period” mentioned in the agreement, said the tribunal in its judgment. It added that permitting possession beyond the specified date “would lead to disastrous consequences, rendering the agreed date of possession as specified in th
Possession date binding on builder: RERA tribunal direct to refund amounts paid by two buyers with interest
BySwati DeshpandeSwati Deshpande / Updated: Jan 18, 2021, 07:28 IST
rera
MUMBAI: ‘Possession’ of flat doesn’t mean ‘fit out possession’ under RERA. Ruling on the sanctity of the ‘specified date’ of possession,
Maharashtra Real Estate Appellate Tribunal asked a
builder to refund with interest money paid by two buyers who withdrew from a project three months after delivery of their flats was due.
The tribunal held that the promoters of
Palava Lakeside in
Kalyan failed to hand over possession of two flats by February 28, 2018, as mentioned in the agreements for sale (AFS) and thus allottees were entitled to withdraw and get refund with interest. “Section 18 of RERA is absolute on the point of ‘specified date’ mentioned in the agreement for giving possession” and not on any “grace period” mentioned in the agreement, said the tribunal in its jud
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.