Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA), Mumbai has bestowed big relief to two homebuyers of same family by entitling them compensation through interest payment on their invested amount over delayed possession of their booked apartment in a luxury project–Alta Monte and Signet at Malad.
The regulatory authority, however, also justified that since the project is nearing for completion and paying interest at this juncture may affect project completion. Thus, liberty has been granted to builders to adjust the interest amount along with the outstanding dues payable by the homebuyer to prevent any jeopardy.
The homebuyers named Reza Massah and Aparna Massah had purchased a flat at consideration amount of Rs 1,74,58,000 in a realty project named “Alta Monte and Signet” located at Malad of M/s Era Realtors Pvt Ltd and M/s. Omkar Realtors & Developers Pvt Ltd. Era Realtors is Omkar group company.
They registered agreement for sale on March 17, 2017, and paid an amount of Rs 36,03,033. The homebuyers through advocate Godfrey Pimenta contended that as per the said agreement, the builders were liable to handover possession of the flat on/before March 31, 2019, with further grace period of 12 months i.e. till March 31, 2020. But, till date the possession has not been handed over to them. Following which, they have approached MahaRERA seeking relief.
While the advocate Namrata Powalkar on behalf of builder contended that homebuyers have paid less than 20 per cent of the amount and if the reliefs are granted, the entire project will be affected and other homebuyers will also suffer loss. The project will be completed by December 31, 2021 and the possession of flat would be handed over by then.
It further argued that project got delayed mainly due to delay in obtaining all the permissions and approvals from competent authorities since the project is being developed under the slum rehabilitation scheme. Several litigations filed by the slum dwellers causing delay. A sit-in protest was also held by non-eligible slum dwellers. Besides this, economic downturn and demonetisation, change in development plan(DP) rules impeded the project.
After hearing both the parties (complainants & builder) the regulatory authority member Dr. Vijay Satbir Singh, in the order copy remarked the reasons cited by the builders are non-satisfactory. It further mentioned that having sound knowledge in the real estate sector, the builders were fully aware of the market risks when they launched the project and signed documents committing the date of possession with the homebuyers. Moreover, if the permissions were not granted by the competent authority, they would have approached appropriated authority including court of law but no step was taken. Also, the homebuyers were not informed about the delay/offered any refund. Hence, now it cannot take advantage of the said reasons of delay.
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