Maharashtra RERA Orders Refund to Homebuyer Due to Delayed Possession by Goel Ganga
The Maharashtra Real Estate Regulatory Authority has directed Goel Ganga to refund the homebuyer's amount with interest due to failed possession of the flat within the promised timeframe.
MahareraGoel GangaRefundHomebuyerDelayed PossessionReraReal Estate MaharashtraJul 06, 2024
The homebuyer booked the flat by signing an agreement for sale on May 30, 2016, with a total price of Rs. 1,20,02,820/-. The homebuyer paid Rs. 1,03,90,483/- for the flat, Rs. 7,20,000/- for stamp duty, and Rs. 30,940/- for registration charges. The builder promised to complete the project on time and had already finished Phase I, handing over possession to the buyers.
However, the builder failed to hand over the flat by December 2017, as promised in the agreement. The homebuyer repeatedly asked the builder for a refund, but the builder did not respond. Therefore, the homebuyer filed a complaint before MahaRERA seeking a refund, along with interest, compensation, and costs under the provisions of RERA.
The authority observed that the builder, being experienced in the real estate sector, knew the market risks when starting the project and signing the agreement with the homebuyers. The authority noted that even if force majeure caused the delay, the promoter could have sought a six-month extension under the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963. However, the promoter still failed to complete the project by that date, violating section 18 of RERA.
The authority referred to section 18(1) of the Real Estate Regulation and Development Act 2016, which states that if the builder fails to complete or is unable to give possession of an apartment, plot, or building, they shall be liable to return the amount received by them in respect of that apartment, plot, building, as the case may be, with interest at such rate as may be prescribed, including compensation.
Therefore, the authority directed the builder to refund the amount paid by the homebuyer to purchase the flat with interest as per section 18 of RERA, 2016.
Information
Goel Ganga is a renowned real estate developer in India, known for its residential and commercial projects.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra.
Frequently Asked Questions
What is MahaRERA?
Maharashtra Real Estate Regulatory Authority is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra.
What is the purpose of RERA?
The purpose of RERA is to regulate and promote the real estate sector, protect the interests of homebuyers, and ensure transparency and accountability in the sector.
What is the penalty for delayed possession under RERA?
Under RERA, if the builder fails to complete or is unable to give possession of an apartment, plot, or building, they shall be liable to return the amount received by them in respect of that apartment, plot, building, as the case may be, with interest at such rate as may be prescribed, including compensation.
Can a homebuyer seek refund under RERA?
Yes, under RERA, a homebuyer can seek a refund, along with interest, compensation, and costs, if the builder fails to deliver possession of the flat within the promised timeframe.
What is the role of MahaRERA in protecting homebuyers' interests?
MahaRERA plays a crucial role in protecting homebuyers' interests by ensuring that builders comply with the provisions of RERA, and by providing a platform for homebuyers to file complaints and seek redressal in cases of delayed possession or other violations.
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr