The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Monarch and Qureshi Builders to refund a home buyer the entire invested amount of Rs 1.08 crore with 10.5 per cent interest from June 2011 onwards for failing to deliver possession of his apartment in Evershine Cosmic project in Oshiwara.
Home buyer Shatrughan Chhabria had booked flat number 2304 in C wing of Evershine Cosmic registered with MahaRERA with the payment of Rs 1 lakh per month on June 21, 2011, and paid Rs 1.07 crore on June 23, 2011. The developer had promised possession within two years from the date of the agreement for sale, but did not specify the exact date. With the possession date on MahaRERA website extended to December 31, 2023, Chhabria said in his complaint that he wished to withdraw from the project and claim refund entitled to him under section 18 of Real Estate (Regulation and Development) Act (RERA). During the hearings of the matter before MahaRERA member Bhalchandra Kapadnis, the developer admitted that they had agreed to deliver the possession of Chhabria’s flat on or before December 31, 2017 but did not deliver it.
The developer contended that 17 floors of the building had been constructed and Chhabria had booked the flat on the 23rdfloor. However, the competent authorities had not given permission for constructing 18 to 30 floors proposed by the developer. The developer also claimed that due to liquidity crunch and poor sales, the project could not be completed in time and agreed to refund Rs 1.08 crore within 12 to 15 months at 9 per cent interest.
Holding that the developer’s reasons for delay were not genuine and beyond their control, Kapadnis observed that the complainant had to withdraw from the project because the respondents did not have approval for constructing the 23rdfloor where his flat has been proposed to be constructed.
“Therefore the respondents are liable to refund entire amount paid by the complainant with simple interest at 10.5 per cent per annum from the respective dates of payments till they are refunded,” he said. He also imposed Rs 20,000 towards cost of the complaint on the developer. Jayesh and Ketan Shah were not available for comment. Source: Mumbai Mirror
As indicated by segment 11(2) of the Real Estate (Regulation and Development) Act, 2016, the ad or outline issued or distributed by the promoter is required to say the site address of the expert wherein all points of interest of the enrolled venture are entered and incorporate the undertaking's MahaRERA enlistment number.