Homebuyers who were part of the Kalpataru Radiance Project in Maharashtra recently received a favorable decision from the Real Estate Regulatory Authority. The Authority, led by Ajoy Mehta, has ordered the builder to refund the money with interest to those who wish to withdraw from the project. Additionally, homebuyers who choose to stay invested will receive monthly interest until possession is granted.
The background of the case involves sixteen homebuyers who were allotted flats in the Kalpataru Radiance project, which includes buildings B, C, and D. The completion dates for these buildings were extended to 30.12.2023 by the authority, causing dissatisfaction among the homebuyers. Homebuyers from 1 to 8 sought refunds with interest and compensation, while those from 9 to 16 demanded possession of their flats.
The builder claimed that delays were caused by disputes between MHADA and Golden Age Construction Private Limited, which were known to the homebuyers when the sale agreements were signed. However, the Authority found that the responsibility for delays in possession lies with the builder, as obtaining necessary approvals is their obligation.
In accordance with RERA 2016, the Authority directed that homebuyers have the right to withdraw or stay invested if possession is delayed beyond the agreed date. Those opting to withdraw will receive refunds with interest, while those choosing to stay will receive monthly interest until possession is granted. A complaint filed by one homebuyer was deemed invalid as it was made after their flat had already received the Occupancy Certificate.
