2 buyers paid Rs 1.16cr, got no flats; RERA orders builder to refund with interest
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered a developer to refund two homebuyers over Rs 1.16 crore after a housing project failed to progress beyond the fifth floor. The buyers had paid for flats on the sixth and seventh floors despite the developer lacking the necessary construction approvals.
Why it matters
This case underscores the importance of regulatory oversight in protecting consumers from fraudulent or stalled real estate developments.
Two homebuyers booked flats on the sixth and seventh floors of a Mumbai housing project in 2013. They were assured that they would get possession for the flats by December 2014. But their dream of getting the flats remains elusive.The buyers claimed to have collectively paid Rs 1.16 crore for Flat Nos. 603 and 703 and subsequently approached MahaRERA seeking a refund, along with compensation of Rs 20 lakh each.The Maharashtra Real Estate Regulatory Authority has directed the developer to refund the amounts paid, along with applicable interest, after noting that the project remained incomplete and its registration had lapsed without an extension.What the case is aboutThe two homebuyers received an allotment letter dated February 18, 2013.
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