MahaRERA orders builder to pay 10.15% interest to three buyers on delayed flats

MahaRERA orders builder to pay 10.15% interest to three buyers on delayed flats
26/10/2017 , by , in News/Views

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed developer Kailash Patil of Trinity Constructions to pay 10.15 per cent interest to three flat buyers from the same Kailash Heights housing project in Kalwa, Thane till he gives actual possession of the flats.

Flat buyers Ashish Gurav, Raju Bana, and Vasant Jadhav had filed complaints with MahaRERA seeking compensation for delayed possession of flats on the third, fourth and fifth floor of the 12-storey Kailash Heights. They had paid Rs 27.52 lakh, Rs 41.01 lakh and Rs 32.15 lakh to the builder for the flats.

Bhalchandra Kapadnis, Member, MahaRERA was the adjudicating officer. He observed that the developer had initially planned to construct a seven-storey building and thereafter changed his mind to add additional floors and the process of obtaining sanctions continued till 2017. “The facts to which the respondent refers to are not, in my opinion, sufficient to hold that the project is delayed because of the reasons beyond his control,” he said. Having executed their agreements in 2011, and 2015, Kapadnis directed the developer to pay monthly simple interest at 10.15 per cent their respective investments from the promised date of possession, in 2012, 2013 and February 2017 till the developer gave actual possession of the flat to the buyers.

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