Rera reg­u­la­tor or­ders builder to pay buyer ₹ 1.9cr for de­lay in hand­ing flat

The Times of India (Mumbai edition) - - TIMES CITY -

Mum­bai: In per­haps the big­gest pay­out un­der the Real Es­tate (Reg­u­la­tion & Devel­op­ment) Act (Rera) so far, the state hous­ing reg­u­la­tor on Fri­day or­dered de­vel­oper Run­wal Homes to pay back Rs 1.94 crore with in­ter­est to a flat buyer.

Com­plainants Av­inash Saraf and Neha Dug­gar Saraf, ap­proached the reg­u­la­tor af­ter the de­vel­oper did not hand over pos­ses­sion as stip­u­lated in the sale agree­ment. They paid Rs 1.74 crore be­tween Oc­to­ber 2014 and Jan­uary 2017, to book a flat in Run­wal Greens project in Mu­lund (West). They said the flat was to be given to them on or be­fore Au­gust 2016 as stip­u­lated in the sale agree­ment. But the de­vel­oper failed to do so.

The or­der passed by state RERA mem­ber B D Ka­pad­nis said the de­vel­oper will pay Rs 1.94 crore with in­ter­est at SBI’s high­est mar­ginal cost of len- ding rate plus 2% from May 1, 2017, till the pay­ment.

A Run­wal Homes spokesper­son said, “We would like to clar­ify Rera has not levied any penalty on us. The or­der says Run­wal Group pay in­ter­est amount for the de­lay in giv­ing pos­ses­sion to a buyer. We will chal­lenge this or­der in the Bom­bay High Court.”

The com­plainants said they paid 97% of to­tal con­sid­er­a­tion of the flat. They fur­ther con­tended un­der sub­ven­tion | State hous­ing reg­u­la­tor or­dered de­vel­oper Run­wal Homes to pay back 1.94 crore with in­ter­est to the Sarafs. Run­wal Group said it will chal­lenge the or­der in the HC scheme pro­moted by the de­vel­oper, Run­wal paid in­ter­est up to Au­gust 2016 un­der the tri­par­tite agree­ment. There­after the bank re­cov­ered in­stal­ments with in­ter­est from the com­plainants. The Sarafs de­manded the amount with 21% in­ter­est as com­pen­sa­tion.

The builder said the project was at an ad­vanced stage and showed its will­ing­ness to of­fer the flat to the com­plainants for in­te­rior works by De­cem­ber 2017. Run­wal also main­tained since the sale agree­ment was ex­e­cuted in 2014, state Rera did not have ju­ris­dic­tion as the Act came into ef­fect in May 2017.

Run­wal also said the de­lay was be­yond its con­trol be­cause the au­thor­i­ties did not grant ap­provals and sanc­tions on time. “These rea­sons were be­yond our con­trol,” it said.

“When the com­plainants showed their will­ing­ness to can­cel the book­ing, the re­spon­dent (Run­wal) of­fered to re­fund amounts re­ceived, by its e-mail dated1.03.2017. But the com­plainants in­sisted the de­vel­oper pay in­ter­est at the rate of 21% and there­fore, the mat­ter could not be re­solved,” said the or­der.

“The com­plainants are en­ti­tled to get con­sid­er­a­tion amount of Rs 1,74,17,986, Rs 8,86,800 as stamp duty and regis­tra­tion charges and Rs 11,00,000, which is the amount of in­ter­est paid by com­plainants to bank dur­ing 30.09.2016 to 31.07.2017 with in­ter­est,” said the or­der.

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