Citizens, who had flats in Lavasa but never got possession, can now heave a sigh of relief as real estate regulatory authority MahaRera has ruled that the developers need to pay back their money in full.
The buyers had booked flats in the project between 2010 and 2014. They were assured flats in the next couple of years. Home buyers at the much-hyped Lavasa township have gone through a lot in the last few months.
First MahaRera ruled that complaints against Lavasa did not fall under their jurisdiction as the flats were not sold but given on lease for 999 years. Rera’s tribunal, however, reversed the order.
The developers, Lavasa Corporation, then approached Bombay High Court (HC), which too ordered that the cases did fall under the ambit of Rera. With clarity provided by HC, MahaRera heard several cases.
In the first set of orders issued between August 29 and 31, the authority ordered the developers to pay the full cost taken by them from the home buyers. Source: Pune 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.