MahaRERA Fines Runwal; Builder to Challenge Order in Bombay HC
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.