MahaRERA orders auction of SSV Developers’ two commercial units
Two commercial units owned by SSV Developers at Amar Mahal in Ghatkopar will be auctioned on December 13 with a reserve price of Rs 1.5 crore to refund four home buyers as per Maharashtra Real Estate Regulatory Authority orders.
Four home buyers had filed complaints with MahaRERA seeking a refund of their investments in flats in Lareina Residency, a proposed 27 storey project in Vikroli East.
The authority had ordered the promoter Hemant Parikh to refund amounts of Rs 73.23 lakh, Rs 22.58 lakh, Rs 34.94 lakh, and Rs 47.97 lakh. However, when the developer failed to comply with the order, they filed for non-execution of the order, and the adjudicating officer had issued revenue recovery warrants under Section 40 (1) of Real Estate (Regulation and Development) Act to attach properties of the developer and auction them.