Refund investors at MCLR rates, MahaRERA tells two developers

Refund investors at MCLR rates, MahaRERA tells two developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed two developers – Neptun Developers Ltd, and Jangid Constructions – to refund the respective complainants their invested sum for delay in giving possession of flats at two per cent higher than SBI’s highest prevailing Marginal Cost of Lending Rate (MCLR).

In the first case, home buyer Balu Bhawar had booked a flat in Neptune Swarajya housing project located in Ambivali near Titwala under a registered agreement for sale on December 14, 2012. Bhawar said in his complaint filed with the housing regulatory authority that even after five years, the developer failed to give possession of the flat. Moreover, after the developer deferred the date of completion of the project on MahaRERA website to December 31, 2018, he did not wish to continue invested in the project.

The complaint was heard by MahaRERA chairperson Gautam Chatterjee. The developer’s advocates explained that the reasons for the delay in completion project were beyond their control, and the complainant and the developer mutually agreed to a fresh possession date of March 31, 2018.

“The respondent (developer) is directed to hand over the possession of the flat to the complainant before the period ending March 2018, failing which the respondent shall be liable to pay interest to the complaint from April 2018 till the actual possession on the entire amount paid by the complainant to the respondent,” the order said adding that the developer will be liable to pay interest at the State Bank of India’s highest Marginal Cost of Lending Rate (MCLR) prevailing at the time plus two per cent as prescribed under Rule 18 of the MahaRERA rules.

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