Pune Builder Ordered to Pay Interest for Delay in Handing Over Flat
A Pune builder has been ordered to pay interest to a buyer for delaying the handover of a flat. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled in favor of the buyer, who had booked a flat in a project in Pune.
PuneMahareraReal EstateDelayed PossessionHomebuyersReal Estate PuneSep 15, 2024
The buyer had approached MahaRERA, seeking compensation for the delay. The regulatory body heard both parties and ruled in favor of the buyer. The builder has been ordered to pay interest on the amount paid by the buyer, from the date of payment to the date of possession.
This ruling is a significant victory for homebuyers in Pune, who have been facing delays in getting possession of their flats. The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established to protect the rights of homebuyers and ensure that builders adhere to the rules and regulations.
The authority has been actively taking up cases of delayed possession and has been ruling in favor of homebuyers. This has sent a strong message to builders, who will now think twice before delaying possession of flats.
In another case, a Mumbai-based builder was ordered to pay a penalty of Rs 1 lakh to a buyer for delaying the handover of a flat. The buyer had booked a flat in a project in Mumbai, but the builder failed to hand over the possession on time.
The buyer had approached MahaRERA, seeking compensation for the delay. The regulatory body heard both parties and ruled in favor of the buyer. The builder was ordered to pay a penalty of Rs 1 lakh, in addition to the interest on the amount paid by the buyer.
These rulings are a significant step towards protecting the rights of homebuyers in Maharashtra. The state government has been taking steps to regulate the real estate sector, and the establishment of MahaRERA is a significant move in this direction.
The regulatory body has been actively taking up cases of delayed possession, and has been ruling in favor of homebuyers. This has sent a strong message to builders, who will now think twice before delaying possession of flats.
About Maharashtra Real Estate Regulatory Authority (MahaRERA)
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established under the Real Estate (Regulation and Development) Act, 2016. The authority is responsible for regulating the real estate sector in Maharashtra, and ensuring that builders adhere to the rules and regulations.
The authority has been actively taking up cases of delayed possession, and has been ruling in favor of homebuyers. This has sent a strong message to builders, who will now think twice before delaying possession of flats.
Pune is a city in the state of Maharashtra, India. It is known for its rich cultural heritage, and is a major hub for education and industry. The city has seen significant growth in recent years, with many new projects being launched in the real estate sector.
Frequently Asked Questions
What is MahaRERA?
MahaRERA is the Maharashtra Real Estate Regulatory Authority, established under the Real Estate (Regulation and Development) Act, 2016.
What is the purpose of MahaRERA?
The purpose of MahaRERA is to regulate the real estate sector in Maharashtra, and ensure that builders adhere to the rules and regulations.
Can I approach MahaRERA if my builder is delaying possession of my flat?
Yes, you can approach MahaRERA if your builder is delaying possession of your flat. The authority will hear both parties and rule in favor of the buyer if the delay is found to be unjustified.
What is the penalty for delaying possession of a flat?
The penalty for delaying possession of a flat can vary depending on the case. In some cases, the builder may be ordered to pay interest on the amount paid by the buyer, while in other cases, a penalty may be imposed.
Is MahaRERA effective in regulating the real estate sector?
Yes, MahaRERA has been effective in regulating the real estate sector in Maharashtra. The authority has been actively taking up cases of delayed possession, and has been ruling in favor of homebuyers.
Related News Articles
Dholera SIR Sees Rs 20-30 Billion Annual Investment in Real Estate
The Aaiji Group has already completed two real estate projects in the region, with two more under development.
Amrita Singh and Zaheer Khan Invest in Luxury Real Estate in Mumbai
Bollywood actress Amrita Singh has recently acquired a residential apartment in Juhu, Mumbai, for ₹18 crore, as per property registration documents. Cricket legend Zaheer Khan has also joined the trend, investing in a high-end property in the city.
Buying an Apartment: Essential Legal Checks for Homebuyers
To safeguard the interests of homebuyers, MahaRERA has issued guidelines to a real estate developer in Thane, Mumbai, ensuring that all legal documentation for properties is transparent and clear.
CitiCorp Services India Secures 7.71 Lakh Sq Ft Office Space in Pune for Rs 6.78 Cr Monthly
Real estate data analytics firm CRE Matrix has reviewed the registered lease agreements, revealing that CitiCorp Services India has rented a significant 7.71 lakh sq ft office space in Pune, with a monthly rent of Rs 6.78 crore.
India's Data Centre Industry Set for 604 MW Expansion, Boosted by AI and 5G
The expansion will require 7.3 million square feet of real estate and 3.8 billion USD in capital. Mumbai will maintain its leadership, while Chennai is also set to see significant growth.
The Cost of Luxury Apartments in Mumbai, Bengaluru, and Delhi-NCR
Mumbai's suburbs are rapidly becoming a hotspot for luxury housing. Real estate consultants in the Mumbai market share insights on the cost and demand for these premium properties in India's major cities.