MahaRERA orders Runwal Homes to pay 1.9 crore to home buyers

In another phenomenal step, the Maharashtra Real Estate Regulatory Authority(MahaRERA) has passed an order against Runwal Homes for the failure of giving possession to a homebuyer on a promised date.

Runwal Homes has challenged this order before the Bombay High Court. MahaRERA has ordered that the developer should pay homebuyer consideration amount towards the flat of Rs. 1.74 crore, Rs. 8.86 lakh stamp duty and registration charges.

In this case, the developer is required to pay the homebuyer - 11 lakh, the amount of interest paid by the complainant on bank loan. All this has to be paid with interest at SBI' highest marginal cost of lending rate (MCLR) plus 2 % from May 2017 till the payment is made. However, the developer has managed to get a stay of 30 days on the order and is planning to move High Court against the order. The court has ordered Runwal Homes to pay back Rs. 1.94 crore with interest to the flat buyer. In the present matter, the flat was to be delivered to the homebuyers on or before August 2016 as stipulated in the sale agreement. However, the developer failed on the deadlines. Runwal claimed that the delay was beyond its control because the authorities did not grant approvals and sanctions on time. The complaints are entitled to get consideration amount of Rs. 1,74,17,986 and Rs. 8,86,800 as stamp duty and registration charges and Rs. 11,00,000 which is the amount of interest paid by complaints to bank during 30.09.2016 to 31.07.2017 with interest said the order.