25% of due cost to be paid after handing over possession: MahaRERA

In an interesting order, the Maharashtra Real Estate Regulatory Authority told a developer that he can ask 25 per cent of the remaining consideration towards the flat cost, only when he hands over the possession. Normally the amount remaining during the time of possession is hardly between five to 10 per cent of the total flat cost. The stand was taken after the builder delayed in handing over possession of the flat. 

Home buyers Chaaya and Abhishek Sulhadia  had complained against the developer. Pragatej Builders and Developets Pvt Ltd. The Complainants had purchased an apartment in Vishnuchandra Sky situated at Wadala via registered agreement for sale dated March 22, 2014. Complainants stated that they have already paid 75 per cent of the amount towards the consideration of the said apartment and that pursuant to the said agreement the developer was to handover possession of the apartment by December, 2015 with a further extension of six months but he has failed to do so till date. Therefore, they prayed that the developer be directed to pay them interest,on delay. While passing order, MahaRERA chairperson stated, “since complainants have already paid 75 per cent of the amount towards the consideration of the said apartment the Respondent (developer) shall raise further demands only at time of handing over possession of said apartment.”