Omkar builder asked to compensate buyers for delay in possession of flat
MahaRERA grants liberty to adjust interest amount with outstanding dues to be paid by homebuyers to prevent jeopardy in project completion
Maharashtra Real Estate Regulatory Authority (MahaRERA), Mumbai, has bestowed relief on two homebuyers of the same family by entitling them a compensation through interest payment on their invested amount over delayed possession of their booked apartment in a luxury project Alta Monte and Signet at Malad. The regulatory authority, however, justified that since the project is nearing completion and paying interest at this juncture may affect it, the builders have been given the liberty to adjust the interest amount along with the outstanding dues payable by the homebuyer to prevent any jeopardy.
The homebuyers named Reza Massah and Aparna Massah had purchased a flat at an amount of Rs 1,74,58,000 in a realty project named Alta Monte and Signet located at Malad of M/s Era Realtors Private Limited and M/s Omkar Realtors and Developers Private Limited. Era Realtors is an Omkar Group company. They registered an agreement for sale on March 17, 2017, and paid an amount of Rs 36,03,033. The homebuyers, through advocate Godfrey Pimenta, contended that as per the said agreement, the builders were liable to handover the possession of the flat on/before March 31, 2019, with further grace period of 12 months, till March 31, 2020. But, till date, the possession of the flat has not been handed over to them. Following which, they approached MahaRERA and sought relief.
Advocate Namrata Powalkar, on behalf of the builders, contended that the homebuyers have paid less than 20 per cent of the amount. If relief is granted, the entire project will be affected and other homebuyers will also suffer loss. The project will be completed by December 31, 2021, and the possession of flat would be handed over by then. The advocate further argued that the project got delayed mainly due to delay in obtaining all the permissions and approvals from competent authorities since the project is being developed under the slum rehabilitation scheme. Several litigations filed by the slum dwellers caused delay. A sit-in protest was also held by noneligible slum dwellers. Besides this, economic downturn, demonetisation and change in development plan (DP) rules impeded the project.