MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has dismissed a complaint filed by an investor in Monarch Solitaire’s housing project against the realty developer, saying the dispute is of civil nature and does not pertain to any contravention of the Real Estate (Regulation & Development) Act, 2016.
The development assumes significance as it clarifies that the authority will be protecting home buyers and not investors in any project. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has dismissed a complaint filed by an investor in Monarch Solitaire’s housing project against the realty developer, saying the dispute is of civil nature and does not pertain to any contravention of the Real Estate (Regulation & Development).
The development assumes significance as it clarifies that the authority will be protecting home buyers and not investors in any project. In 2014, the complainant had invested in the residential project of Monarch Solitaire and reserved four apartments in it. The project is registered under MahaRERA. The complainant stated that the developer has neither returned his money with interest nor given possession of the apartments identified for him.
According to MahaRERA, while going through the documents, it was observed that the complainant and the developer have signed a MoU, and based on it the complainant is an investor in the project and not an allottee. “This is a forum created to address home buyers’ grievances.
We cannot get into other civil disputes involving entities like landlords and co-promoters,” Gautam Chatterjee, chairman of MahaRERA, told ET. “In this case, the complainant had entered into an agreement to receive space share and is a co-promoter, as per the definition.” Chatterjee also highlighted that in an earlier instance, the authority had dismissed another such complaint filed by a developer against the Municipal Corporation of Greater Mumbai.
The memorandum of understanding mentions that when the investor sells his apartments in the market, the profit from such sales will be shared between with the developer in the ratio of 70:30. It means that the complainant has the status of a 'co-promoter' of the project, as clarified in MahaRERA circular, the authority said while dismissing the complaint.
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