MAHA RERA made a landmarking rule, It has refused to differentiate between an investor and a homebuyer in a housing project. They have directed a developer to honor contractual obligations.
The ruling is expected to set a precedent for all such matters arising from the refusal of developers to acknowledge the rights of investors as homebuyers that are pending before consumer forums, other states of RERA Authorities, and courts.
In this caseKamal Agrawal and Babita Agrawal has approached the MahaRERA against Sakla Enterprises realty developer. They asked the RERA to direct the builder to execute the registered agreement for sale with them and to hand over possession too. The Agrawal family had booked five apartments in the Sakla Enterprises developer’s project Sagar Complex in Boisar, paying Rs 15 lakh for each flat.
According to the RERA, the complaints had invested their money in the projects and therefore their rights needed to be protected. Henceforth the developer is expected to abide by the contract.
According to the Agarwal family, they paid the entire consideration for these apartments and they were issued five separate allotment letters on October 9, 2017. These allotment letters were duly signed by the developer and notarised.
According to the allotment letters, the developer agreed to hand over possession within two years. Within the stipulation that the apartments would be bought back if they were not delivered on time.
The developer disputed the claims of the complainants and alleged that they were not allottees only investors. The complainants has approached the
Developer for investment purpose and they were given bank allotment letters as security.
The developer said the complainants were earning returns from the funds they had invested, as revealed by the allotment letter, and termed them investors and not allottees or end-users.
The developer said the complainants were earning returns from the funds they had invested, as revealed by the allotment letter, and termed them investors and not allottees or end-users.
Section 13 of RERA provides that a promoter cannot accept more than 10% of the apartment price from allottees without first registering the sale agreements with the allottees, said Vijay Satbir Singh, a member of MahaRERA.
Section 13 of RERA provides that a promoter cannot accept more than 10% of the apartment price from allottees without first registering the sale agreements with the allottees, said Vijay Satbir Singh, a member of MahaRERA.
“The promoter should not have accepted the money from the complainants without first registering the agreements for sale with the complainants,” Singh stated in the order passed in this matter.
“The promoter should not have accepted the money from the complainants without first registering the agreements for sale with the complainants,” Singh stated in the order passed in this matter.
MahaRERA told the developer it cannot deny the claims of the complainants merely by saying they were investors and not allottees since the complainants had invested their money in the registered project.
The regulator directed the developer to execute a registered agreement for sale in accordance with the allotment letters-cum-agreements dated October 9, 2017, failing which the money paid by the complainants needs to be refunded.