MahaRERA asks Nirmal Lifestyle to pay interest for delayed possession

MahaRERA asks Nirmal Lifestyle to pay interest for delayed possession Homebuyer Ravi Nair had paid Rs 20 lakh out of total cost of Rs 22.09 lakh for a 600 sq ft flat in Glory building in Lifestyle City

Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Nirmal Lifestyles (Kalyan) Pvt Ltd to pay interest at two percent higher than SBI’s Marginal Cost of Lending Rate (MCLR) to a home buyer for delayed possession of his flat in Lifestyle City in Vadavali, Kalyan.

Homebuyer Ravi Nair had paid Rs 20 lakh out of total cost of Rs 22.09 lakh for a 600 sq ft flat in Glory building in Lifestyle City, Kalyan and purchased the flat on February 22, 2013. As per the agreement, the developer had promised to deliver the possession of the flat by June 2016 with a grace period of six months. However, since the developer revised the date of possession to July 2019, Nair had lodged a complaint with MahaRERA demanding that the developer should pay the interest on the Rs 20 lakh had paid so far. He had taken a bank loan of Rs 17 lakh.

Advocate Rohit Chavan who appeared for Nirmal Lifestyles informed the adjudicating officer Vijay Satbir Singh, Member-1, MahaRERA, that the developer would like to settle the matter amicably as per RERA provisions and sought an adjournment.

After considering the submissions by both the parties, Singh ruled that it was clear from the registered agreement that the possession of the flat has been delayed and directed the developer to pay interest at two percent higher than the MCLR rate on the amount from May 2017 onwards till the actual possession. The order also asked the developer to pay the interest within 30 days and submit a compliance report with the authority.

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