RERA asks de­vel­oper to pay 10.55% in­ter­est

DNA Sunday (Mumbai) - - MU BAI - Varun Singh

TheMa­haRERA not only or­dered the Bhag­tani de­vel­oper to re­turn the money he had taken from home buy­ers with an in­ter­est of 10.55 per cent, but also — to pro­tect the in­ter­est of home buy­ers — added the amount payable to the home buyer, to the cost of the prop­erty. The Ma­haRERA noted that the builder had made false state­ments to home buy­ers while col­lect­ing the money.

Five buy­ers, part of the Bhag­tani Serenity project at Powai, had com­plained to Ma­haRERA against Di­ipesh Bhag­tani of JVPD Prop­er­ties Pvt Ltd. They stated that the de­vel­oper had is­sued them al­lot­ment let­ters promis­ing that he shall com­plete con­struc­tion work within 42 months from the re­ceipt of fi­nal com­mence­ment cer­tifi­cate of the plinth level. The com­plainants said that the de­vel­oper failed to bring in clear­ances within a pe­riod of nine months plus within the grace pe­riod of three months. The de­vel­oper, in a let­ter dated July 24, 2107, agreed to his in­abil­ity to com­plete con­struc­tion and hand over pos­ses­sion as agreed. Thus, the de­vel­oper made him­self li­able to re­fund the en­tire amount paid by the com­plainants with in­ter­est as per RERA act.

B D Ka­pad­nis, mem­ber, Ma­haRERA while pass­ing the or­der stated, “Sec­tion 12 of RERA pro­vides that if any per­son makes an ad­vance or de­posit on the ba­sis of the in­for­ma­tion con­tained in the no­tice, ad­ver­tise­ment or prospec­tus or on the ba­sis of any model apart­ment, plot or build­ing as the case may be and sus­tains any loss or dam­age by rea­son of any false state­ment in­cluded therein shall be com­pen­sated by the pro­moter in the man­ner as pro­vided un­der this act.”


Pic­ture for rep­re­sen­ta­tion

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