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Maharashtra housing regulator imposes Rs 10 lakh penalty on Radius Developer

May 15, 2021 07:21 PM

Maharashtra housing regulator imposes Rs 10 lakh penalty on Radius Developer
The Maharashtra housing regulator Authority (MahaRERA) has imposed a penalty of Rs 10 lakh on Radius Estates and Developers Pvt Ltd

The Maharashtra housing regulator Authority (MahaRERA) has imposed a penalty of Rs 10 lakh on Radius Estates and Developers Pvt Ltd, a co-promoter of Ten BKC project at Kala Nagar, for violation of RERA provisions and directed the developer to refund the entire investment of Rs 65.20 lakh of home buyers with 9.3 percent interest since February 2018.

The Maharashtra housing regulator also directed the developer to settle all issues with DHFL with whom the developer offered a subvention scheme and had agreed to pay the pre-EMIs.

The order dated April 26 by MahaRERA member Vijay Satbir Singh came on a complaint by home buyers Mohan Vamsi Vinjamur and Devika Johri, who had booked flat no 701 on the 7th floor of Wing 14 in Zone C of Ten BKC for a total consideration of Rs 5.88 crore on February 24, 2018.

The complaint alleged that they were cheated by the developer’s subvention scheme that emphasised that “pay 9.99 per cent at the time of booking and rest on possession” which assured that the developer will pay pre-EMI till possession but they were forced to pay the pre-EMIs after the developer stopped paying in September 2019.

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Advocate Rakesh Misar, appearing for the complainants, submitted that the developer neither provided any stage-wise time schedule of completion of the project nor the payment of consideration as per the stage of construction. He submitted that the developer accepted more than 10 percent of the total consideration without execution of a registered agreement to sale, breaching Section 13 (1) of RERA.

Section 13 (1) of RERA states “A promoter shall not accept a sum more than ten percent of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale, under any law for the time being in force.

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