MahaRERA directs two developers to refund homebuyers at MCL rates

Maharashtra Real Estate Regulatory Authority (MahaRERA) has asked 2 builders Jangid Constructions and Neptun Developers Ltd to refund the claimants their invested amount for delaying the delivery of flats at 2% more than SBI’s highest prevailing Marginal Cost of Lending Rate (MCLR).

In first case, Balu Bhawar a homebuyer booked a home in Neptune Swarajya residential project in Ambivali near Titwala under registered sale agreement on December 14, 2012. Bhawar mentioned in his complaint filed with MahaRERA that even after 5 years have passed, the builder has failed to give the possession of flat. Moreover, after builder deferred the completion date of his project as December 31, 2018 on MahaRERA website, he didn’t wish to continue the project.

MahaRERA chairperson Gautam Chatterjee heard the complaint. builder’s advocate explained that the reason behind the delay in the completion of project was beyond their control. The complainant and builder mutually agreed to a fresh possession date, March 31, 2018.

“Respondent (builder) is directed to give the possession of flat to the complainant before March 2018, failing to which respondent will be liable to pay interest to complainant starting from April 2018 till actual date of possession on the total amount paid by complainant to the developer,” the order mentioned, adding that the builder shall be liable to pay interest to the complainant at SBI’s highest Marginal Cost of Lending Rate (MCLR) prevailing at that time plus 2% as prescribed under Rule no. 18 of MahaRERA.

In another case, flat buyer Anand Kapure filed a complaint with MahaRERA claiming interest for possession delay of his flat in Jangid Galaxy Tower 3 in Kavesar on Ghodbunder Road, Thane West.

Kapure in his complaint said that he booked flat on July 20, 2015 for a sum of Rs 92.48 lakh, of which he paid Rs 91.99 lakh. As per the registered agreement of the home, the possession date was June 2016, but developer had still not delivered the possession.

Builder said that possession could not be handed over to Kapure because of Bombay High Court order in a PIL which restrained Thane Municipal Corporation from issuing the Occupation Certificates.

Adjudicating officer Vijay Satbir Singh, ruling on the matter, said that the possession of the flat is delayed in this case. Therefore, the respondent (builder) has to pay an interest which is 2% more than MCLR till the possession date, as mentioned in section 18 of MahaRERA.


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