Neelkanth Constructions Ordered to Pay Interest and Execute Conveyance Deed by MahaREAT

In a recent ruling, the Maharashtra Real Estate Appellate Tribunal (MahaREAT) has directed Neelkanth Constructions to pay interest and execute a conveyance deed in favor of the complainant.

MahareatNeelkanth ConstructionsReal EstateConveyance DeedInterest PaymentReal Estate MaharashtraOct 05, 2024

Neelkanth Constructions Ordered to Pay Interest and Execute Conveyance Deed by MahaREAT

Real Estate Maharashtra: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.

Frequently Asked Questions

What is MahaREAT?

MahaREAT is an appellate tribunal established under the Real Estate (Regulation and Development) Act, 2016, to hear appeals against the orders of MahaRERA.

What was the complaint filed against Neelkanth Constructions?

The 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.

What was the order passed by MahaREAT?

MahaREAT upheld the order of MahaRERA and directed Neelkanth Constructions to pay interest and execute the conveyance deed in favor of the complainant.

What is the significance of the tribunal's order?

The 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.

What is the Real Estate (Regulation and Development) Act, 2016?

The Real Estate (Regulation and Development) Act, 2016, is a law that regulates the real estate sector in India and provides for the establishment of regulatory authorities to oversee the sector.

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