By IC Naik
“Pay Rs 15K per flat, if project isn’t completed on time” Mumbai Mirror (25 9 2017) reported a very first act of decisive mood of the New Maharashtra Real Estate Regulatory Authority (MahaRera) regime established under “The Real Estate (Regulation and Development) Act, 2016” R E R A.
Marvel Realtors are engaged in construction of Marvel Brisa, a luxury housing project, having 110 2-BHK, 3-BHK and 3.5-BHK apartments and penthouses in Buildings A and B. Balewadi is a part of the city of Pune in India. It is located in the western part of the city, and is famous for the Shree Shiv Chhatrapati Sports Complex.
The project is located 2 km from the Expressway and 3 km from Hinjewadi This complex has hosted both the National Games in 1994 and the 2008 Commonwealth Youth Games. As a forewarn order MAHARera has asked the Marvel Realtors to pay up a monthly rent of Rs 15,000 to flat purchasers if they fail to complete one of the two 18-storey towers by March 2018.. MAHARera was dealing with complaints of three individual flat owners, under Section 18 of R E R A.
As the complainant does not want to proceed further and hence the complaint is disposed of in terms of an amicable settlement of the dispute.” Adjudicating officer Bhalchandra Kapadnis, member, MahaRera observed“ In the settlement terms mutually agreed upon by the developer and the flat owners and filed before the adjudicating officer, the developer agreed to complete Building B by March 31, 2018, and thereafter apply for an Occupancy Certificate. If the developer fails to complete the building by that deadline, he will have to pay a rent of Rs 15,000 per month for each of the 3BHK flats.
The developer also agreed that at the time of conveyance of the Marvel Brisa Society project, he will deposit a sum of Rs 1crore in the society account. This is the first time MahaRera has asked the developer to pay rent to home buyers if the project is not completed by the given deadline.
