47 homebuyers appeal for refunds from auction of property

As many as 47 homebuyers have approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) over seeking refunds from the auctioned property of Bhagtani Serenity housing project in Powai to be held on March 4.

Interestingly, the homebuyers could file their affidavit in MahaRERA in a record break time wherein the authority to provide relief held the hearing of 14 complainants and passed a common order allowing repayments at a rate of interest of 10.25 per cent. BD Kapadnis, the MahaRERA adjudicating officer, passed the order in the case.

Godfrey Pimenta, advocate representing the homebuyers, stated that usually when an affidavit or an appeal is filed, it takes at least 45 days time period for the matter to come for adjudication at the MahaRERA.

“Since only a few days are left for the auction, special application for immediate hearing was made. The regulatory authority is expected to pass more orders in the case for remaining applicants as currently it is examining the facts and claims of the homebuyers seeking relief,” he said.

Earlier, the suburban collector issued a public notice to auction the Powai-based Bhagtani Serenity property. The reserve value of the auction property is fixed Rs84.60 crore. Pimenta stated that the developer was supposed to construct residential buildings comprising of 500 apartments but to date, no construction has started. Following this, the investors have contended for getting back their money from the developer. Besides, the debt recovery tribunal has passed a judgment allowing Zander finance company to claim Rs52 crore from the auctioned property.