February 6, 2018

Even after paying 95% of the consideration a homebuyer is yet to receive the possession of her flat in the developer’s project Sheth Midori in Borivali suburb of Mumbai

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has asked realty developer Sheth Infraworld to waive off the balance 5% consideration to be recovered from a homebuyer against delay in delivery of an apartment.

Even after paying 95% of the consideration a homebuyer is yet to receive the possession of her flat in the developer’s project Sheth Midori in Borivali suburb of Mumbai. The regulator has directed the builder to treat the 95% payment received as full and final consideration in lieu of the interest on delay, payable by the developer.

MahaRERA has also directed the developer to give possession by March 31, 2018. The homebuyer and complainant Neha Agrawal had sought interest on the payment made by her to the developer because of no delivery until stipulated period of October 2016. The developer cited stop work notices, demonetisation and heavy rainfall as reasons for the delay.

“After hearing the arguments, it is hereby directed that the developer shall handover possession of the apartment with Occupation certificate to the home buyer before March 31, 2018. Failing which he will be liable to pay interest. Further, in lieu of the interest on delay, payable by the developer, the developer shall not demand any further payments due consideration of the said apartment and treat the 95 per cent payment received from the home buyer till November 2016 as the full and final consideration for the apartment,” Gautam Chaterjee, chairman, MahaRERA said while passing the order.

According him, the 5% balance payment that the homebuyer was expected to make to the developer has to be waived off because of the delay caused.

"We are ready and willing to handover the possession of Neha Agarwal’s Flat on or before 31st March 2018. We are seeking clarity from the honourable court on the matter of the 5% due from the customer," Sheth Group said in an email response.

The lawyer representing the developer argued that the clauses in the agreement of sale allowed a delay for certain reasons. The reasons included act of God, prohibitory order of any court, delay in grant and permissions and others.

MahaRERA held the reasons given by the builder for delay as general in nature and the authority further added that on basis of the argument a period of two months delay may be allowed.

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Source: realty.economictimes.indiatimes.com