Maharashtra: Attach property of defaulting builder, RERA tells Thane collector

February 2, 2022

THANE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed the Thane collector to attach the property of a builder and recover dues to the tune of Rs 80 lakh liable to be paid to buyers for delayed possession of flats as per a previous order issued by it.

The recovery warrant issued by Dr Vasant Prabhu, Secretary MahaRERA last week has now sent a sense of relief among the 15 residents who had invested in the Atlantis project in Panchpakhadi area of Thane. The residents had approached MahaRERA last December after failing to get possession of their flats and also get dues payable by the builder for delay in possession.

The project involving the construction of two multi-storeyed buildings with nearly 150 flats was to be completed in 2012 but got delayed following which buyers approached the RERA in 2018 that directed the developer to pay interest to buyers starting March 2019 till the time they got their homes.

“The RERA previously ordered the developer to pay interest as per mandated in the Real Estate Act , 2016 which collectively works out to Rs 1.6 cr lakhs. While the developer failed to pay the same, he instead demanded we pay the balance amount for our flats. We reasoned that as the collective balance payment for all the flats wasn’t above Rs 80 lakhs, the same could be adjusted against his dues, but he refused, following which we approached RERA,” said, a resident.

The RERA heard the matter last December wherein the developer refuted claims of residents and sought dismissal of the application which was rejected by the body. “It is clear the builder delayed payment of interest amount to the buyers as per previous order issued by the MahaRERA and also failed to hand over possession to them. The residents are entitled to seek interest,” said the order by Dr Prabhu.

Vinod Doulatani, director at the STG group developing the project told TOI that the interest amount as quoted by the residents isn't verified and needs rectification. Nonetheless, the developer claimed he will soon approach residents to take possession of their flats and settle the issue at the earliest.

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