MahaRERA orders ITMC Developers to pay Rs.94 Lakh for Homebuyers of Sai Sapphire Project

 Maharashtra Real Estate Apellate Tribunal threat sets aside a MaharRERA order and directs  upon the ITMC developers, promoters of the Sai Sapphire project at Vikhroli has to pay the interest on an amount of about Rs.94 Lakh which is paid by the home-buyers towards the part of consideration of a flat.

The interest has been charged at the rate of 2% above the SBI Highest MCLR from April, 2019 till the time of the actual possession with OC which is handed over to the home-buyers. While setting aside the MahaRERA order which is passed by the authority, with regards to the conditional payment of the promoter, is contrary to the provisions of RERA as well as the ratio and dictum that are laid down by the Supreme Court.

The MahaRERA threat also observes that the MahaRERA order grants a grace period of six-months to the promoter for the payment of interest for the delay to the allottee,has no basis. Similarly, pointing to the MahaRERA order in the 2022, that allows the promoter to claim the benefit of moratorium, the MahaRERA judgments stated that the promoter is not entitled to claim the benefit of ‘moratorium period ‘for Covid as the possession was promised in March,2019 as per the agreement which was before the covid.

While referring to the regulatory authority‘s direction to ensure that the project is not jeopardized due to the overflow of finance and the amount which is payable to the allottee may be paid after obtaining the OC for the project the date of completion of the project as per the MahaRERA website. The MahaRERA said that the right of an allottee to claim the interest under Section 18 of RERA on an account delay in the handling over the possession of the flat is indispensable.It is an unqualified right that cannot be defeated for any reason.