Saturday, October 14, 2017

MahaRERA orders Runwal Homes to pay back Rs 1.94 crore with interest to a flat buyer

Runwal Homes to challenge the order in the Bombay High Court -
'Since the sale agreement was executed in 2014,
MahaRERA did not have jurisdiction
as the Act came into effect in May 2017':


Complainants Avinash Saraf and Neha Duggar Saraf, approached the regulator after the developer did not hand over possession as stipulated in the sale agreement.

They paid Rs 1.74 crore between October 2014 and January 2017, to book a flat in Runwal Greens project in Mulund (West).

They said the flat was to be given to them on or before August 2016 as stipulated in the sale agreement. But the developer failed to do so.

The complainants said they paid 97% of total consideration of the flat.

They further contended under subvention scheme promoted by the developer, Runwal paid interest up to August 2016 under the tripartite agreement.

Thereafter the bank recovered instalments with interest from the complainants.

The Sarafs demanded the amount with 21% interest as compensation.

“When the complainants showed their willingness to cancel the booking, the respondent (Runwal) offered to refund amounts received, by its e-mail dated 1.03.2017. But the complainants insisted the developer pay interest at the rate of 21% and therefore, the matter could not be resolved,“ said the order.

“The complainants are entitled to get consideration amount of Rs 1,74,17,986, Rs 8,86,800 as stamp duty and registration charges and Rs 11,00,000, which is the amount of interest paid by complainants to bank during 30.09.2016 to 31.07.2017 with interest,“ said the order.

Read more at - Rera regulator orders builder to pay Rs 1.9 crore to buyer

Related Story:

1) Darode Jog faces penalty for delayed possession of Padmanabh at Moshi

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1 comment:

  1. How cab Rera help a buyer if all cases are going to be settled in court.
    Consumers will suffer ultimately.Rera decision should be final.