The Maharashtra Real Estate Appellate Tribunal (MREAT) has set aside a conditional interest payment order by MahaRERA, directing ITMC developers to pay a 2% interest on outstanding amounts without any concessions.
MahareraMreatItmc DevelopersReal Estate RegulationsHomebuyers RightsReal Estate MaharashtraOct 20, 2024
MahaRERA, or the Maharashtra Real Estate Regulatory Authority, is responsible for ensuring transparency, accountability, and fairness in the real estate sector. It registers real estate projects, monitors their progress, and addresses grievances from homebuyers.
MREAT, or the Maharashtra Real Estate Appellate Tribunal, is an appellate body that hears appeals against the orders of MahaRERA. It provides a fair and impartial review of MahaRERA's decisions and ensures the rights of all stakeholders are protected.
ITMC developers appealed the MahaRERA decision to secure some concessions on the 2% interest rate they were ordered to pay on delayed payments to homebuyers. They argued that the interest rate was too high and that they should be granted some leniency due to challenging economic conditions.
The MREAT overruled the MahaRERA decision, directing ITMC developers to pay the 2% interest on outstanding amounts without any concessions. The tribunal found that the developers' arguments lacked merit and emphasized the importance of protecting homebuyers' rights.
This ruling is expected to have a significant impact on the real estate sector in Maharashtra. It reinforces the need for developers to adhere to timelines and regulations set by MahaRERA, and non-compliance will result in stringent penalties. It also boosts the confidence of homebuyers, ensuring the market operates in a fair and transparent manner.
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