MahaRERA orders recovery warrant against Nirmal Developers

MahaRERA orders recovery warrant against Nirmal Developers
16/02/2019 , by , in News/Views

In an instance of the efficacy of the Real Estate Regulatory Authority, MahaRERA has issued a recovery warrant against Nirmal Developers for Rs 5.17 crore for failing to refund 14 home buyers of the Nirmal Olympia project in Mulund (west).

The regulatory body was forced to act as the developer faltered despite agreeing on refunds as per consent terms. A large number of home buyers walked out of the project owing to delays, and complained to RERA under the aegis of Nirmal Developers Olympia Aggrieved Buyers Association last year.

After hearings, the buyers’ association and the developer settled their dispute by filing consent terms in July 2018. As per the consent terms, the developer agreed to refund buyers in four installments. Subsequently, MahaRERA even imposed a daily penalty of Rs 1 lakh for defaulting on refunding installments of some buyers. Thereafter, 14 home buyers, who formed a separate group, moved an execution application for execution of the consent terms.

Eventually, on Februrary 13, MahaRERA member Vijay Satbir Singh issued a recovery warrant.

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