MahaRERA Directs Jayesh Buildcon to Compensate Homebuyers for Delayed Possession
The Maharashtra Real Estate Regulatory Authority has ordered Jayesh Buildcon to pay interest to homebuyers for the delay in handing over possession of flats.
ReraMahareraDelayed PossessionHomebuyersJayesh BuildconReal Estate MaharashtraJul 11, 2024
The homebuyers had booked their flats in the project by entering into agreements for sale with the builder, paying substantial amounts to secure their bookings. As per the agreement, the builder was supposed to hand over possession of the flats by May 28, 2021. However, the builder failed to meet the deadline, offering soft possession on February 5, 2023, and later unilaterally revising the possession date.
The homebuyers contended that the builder's failure to complete the project on time had caused them significant losses. They filed complaints before the MahaRERA seeking the handover of possession of their flats with occupancy certificates, along with interest and compensation.
The MahaRERA observed that the builder had completed the project and obtained the occupancy certificate for the homebuyers' flats on November 22, 2022. The authority further observed that Section 18 of the Real Estate (Regulation and Development) Act, 2016, clearly states that if the builder fails to hand over possession as per the terms of the agreement for sale, the homebuyer has the choice either to withdraw from the project or to stay with it. If the homebuyer chooses to stay and take possession, they are entitled to seek interest for the delayed period.
The authority concluded that the builder had violated Section 18 of RERA, 2016, and directed the builder to pay interest to the homebuyers.
The case numbers for this verdict are Complaint No. CC006000000210555 and Complaint No. CC006000000210558.
Information
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a statutory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and monitor the real estate sector in Maharashtra.
Jayesh Buildcon is a real estate developer based in Maharashtra, known for its residential and commercial projects.
Keywords MahaRERA, Jayesh Buildcon, delayed possession, interest, homebuyers, RERA
Frequently Asked Questions
What is the name of the project in which the homebuyers booked their flats?
The project is named 'Varsha Meadows'.
What is the deadline for handing over possession of the flats as per the agreement?
The deadline was May 28, 2021.
What is the provision of Section 18 of RERA, 2016?
Section 18 of RERA, 2016, states that if the builder fails to hand over possession as per the terms of the agreement for sale, the homebuyer has the choice either to withdraw from the project or to stay with it.
What is the penalty for the builder for violating Section 18 of RERA, 2016?
The builder is liable to pay interest to the homebuyer for the delayed period.
What is the role of MahaRERA in the real estate sector?
MahaRERA is a statutory body established to regulate and monitor the real estate sector in Maharashtra.
Related News Articles
India's Most Luxurious Neighborhoods: Top 10 Elite Areas to Live
Discover the crème de la crème of Indian real estate, where a single square foot can cost upwards of Rs 1 lakh. From Mumbai's Altamount Road to Delhi's Chanakyapuri, these elite neighborhoods offer the ultimate in luxury living.
Pune Thief Steals ₹4.95 Lakh Worth of Gold Jewellery from Elderly Couple
A shocking incident in Pune where a thief stole gold jewellery worth ₹4.95 lakh from an elderly couple who had stopped to get vada pav from a shop.
Jaypee Homebuyers Protest as Flats Remain Delayed, Construction Stalled
For over a decade, buyers who invested in real estate projects of Jaypee Infratech Limited (JIL) have been awaiting the completion of their flats, with many still facing delays and stalled construction.
Panchshil Realty Affiliate Acquires Valuable Land Parcels in Navi Mumbai
Panchshil Realty's affiliate has made a significant investment by acquiring land parcels worth Rs 615 crore in Navi Mumbai. As property prices in the region hover around Rs 20,465 as of December 2024, this move underscores the company's bullish stance on
Top 10 Luxury Villas in Hyderabad for 2025: Embrace Comfort and Style
Hyderabad's real estate market is booming, and the villa sector is no exception. Discover the top 10 luxury villas in Hyderabad that offer unparalleled comfort and style, perfect for the discerning buyer.
Pune: Masked Men Trigger Panic at Sidra Garden Society in Dhanori
Residents of Sidra Garden Co-Operative Housing Society in Dhanori, Pune, experienced a harrowing incident involving armed masked men, leaving the community in shock and fear.