Real Estate Maharashtra
Neelkanth Constructions Ordered to Pay Interest and Execute Conveyance Deed by MahaREAT
By GeoSquare News Desk · Published 2024-10-05
The Maharashtra Real Estate Appellate Tribunal (MahaREAT) has passed a significant order in a recent case, directing Neelkanth Constructions to pay interest and execute a conveyance deed in favor of the complainant. The tribunal, comprising Justice Shriram R. Jagtap (Judicial Member) and Shrikant M Deshpande (Technical Member), heard the appeal filed by the complainant against the order of the Maharashtra Real Estate Regulatory Authority (MahaRERA).\n\n Information \nMahaREAT is an appellate tribunal established under the Real Estate (Regulation and Development) Act, 2016, to hear appeals against the orders of MahaRERA. The tribunal has been empowered to adjudicate on disputes related to real estate projects in the state of Maharashtra.\n\nNeelkanth Constructions is a real estate development company based in Maharashtra, involved in the development of residential and commercial projects.\n\nThe Case \nThe complainant had filed a complaint with MahaRERA against Neelkanth Constructions, alleging that the developer had failed to execute a conveyance deed in their favor, despite receiving the full payment for the property. The complainant also alleged that the developer had not paid interest on the delayed payment.\n\nMahaRERA had passed an order in favor of the complainant, directing Neelkanth Constructions to execute the conveyance deed and pay interest on the delayed payment. However, the developer had appealed against the order before MahaREAT.\n\nThe Tribunal's Order \nAfter hearing the appeal, MahaREAT upheld the order of MahaRERA and directed Neelkanth Constructions to pay interest and execute the conveyance deed in favor of the complainant. The tribunal held that the developer had failed to comply with the provisions of the Real Estate (Regulation and Development) Act, 2016, and had caused undue delay in executing the conveyance deed.\n\nThe tribunal's order is a significant ruling in favor of homebuyers in Maharashtra, who have been facing delays and difficulties in getting possession of their properties. The order also highlights the importance of compliance with the provisions of the Real Estate (Regulation and Development) Act, 2016, by real estate developers.\n\n \nNeelkanth Constructions is a real estate development company based in Maharashtra, involved in the development of residential and commercial projects. The company has been in the business of real estate development for several years and has completed several projects in the state.\n\nMahaREAT is an appellate tribunal established under the Real Estate (Regulation and Development) Act, 2016, to hear appeals against the orders of MahaRERA. The tribunal has been empowered to adjudicate on disputes related to real estate projects in the state of Maharashtra.