Ma­haRERA Fines Run­wal; Builder to Chal­lenge Or­der in Bom­bay HC

The Economic Times - - Companies: Pursuit Of Profit - Kailash.Babar@ times­

Mum­bai: The Ma­ha­rash­tra Real Es­tate Reg­u­la­tory Au­thor­ity (Ma­haRERA) has passed an or­der against Run­wal Homes for fail­ure to give pos­ses­sion to a home­buyer on promised date. The or­der, which has the high­est re­fund amount and penalty put on a de­vel­oper, will also be the first to be chal­lenged by any de­vel­oper in Bom­bay High Court. Ma­haRERA has asked the de­vel­oper to pay the home buyer con­sid­er­a­tion amount to­wards the flat of ₹ 1.74 crore, ₹ 8.86 lakh stamp duty and reg­is­tra­tion charges.

The de­vel­oper has also been asked to pay the home buyer ₹ 11lakh, the amount of in­ter­est paid by the com­plainant on bank loan. All this has to be paid with in­ter­est at SBI’s high­est mar­ginal cost of lend­ing rate (MCLR) plus 2% from May 2017 till the pay­ment is made.

The de­vel­oper has got a stay of 30 days on the or­der and is plan­ning to move the HC against it.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.