Mumbai

MahaRERA orders builder to pay interest on delayed flats

 

Taking stand with homebuyers, the Maharashtra Real EstateRegulatory Authority (MahaRERA) has asked the city-based builder Kailash Patil of Trinity Constructions to pay 10.15% interest to three flat buyers from the same Kailash Heights housing project in Kalwa, Thane till he offers actual possession of the flats.

 

Flat buyers Ashish Gurav, Raju Bana, and and Vasant Jadhav who paid sums of Rs 27.52 lakh, Rs 41.01 lakh and Rs 32.15 lakh for flats on the third, fourth and fifth floor of the 12-storey Kailash Heights had filed complaints with MahaRERA seeking compensation for delayed possession.

 

Pleading his case, the builder said that the project got delayed due to factors beyond his control. He said after he started construction in 2008, a bridge constructed on a stream collapsed and therefore no further construction could take place until 2012 when the bridge was reconstructed. He said he had to wait till December 2014 to get an error corrected in land records and resubmit an amended plan for construction of additional floors in place of a seven storey building.

 

Adjudicating officer Bhalchandra Kapadnis, Member, MahaRERA observed that the builder had initially planned to construct a seven-storey building but plan was later changed to construct additional floors and the process of obtaining sanctions continued till 2017. “The facts to which the respondent refers to are not, in my opinion, sufficient to hold that the project is delayed because of the reasons beyond his control,” he said.

 

Having executed their agreements in 2011, and 2015, Kapadnis asked the builder  to pay monthly simple interest at 10.15% on their respective investments from the promised date of possession, in 2012, 2013 and February 2017 till the builder offered actual possession of the flat to the buyers.
 

Written by The Realty Paper


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