Homebuyer needs the agreement to file for refund with interest, compensation under section 18
The Maharashtra Real Estate Regulatory Authority (MahaRERA) made it clear while passing an order that to seek relief under section 18, where a homebuyer can seek refund with interest and compensation, an agreement for sale is needed.
In the case, a homebuyer had approached the authority stating that he had booked a flat through an allotment letter in a project in 2015, but the developer had failed to deliver the possession on time.
In the same case, the authority asked the developer that while registering the agreement now, he should adjust the money paid by homebuyer in 2015 to its net present value, taking in account the time value of money paid.
The Complainant Chirstina Contractor had booked an apartment bearing No. 603 in the builder Sanyam Realtor’s project ‘Ashok Odyssey’, in Ghatkopar, through an allotment letter dated February 23, 2015.
Contractor alleged that she was promised possession of the said apartment in 2017 but the developer failed to do so. Therefore, she prayed that the developer be directed to refund the entire amount paid to him, along with interest and compensation.
The advocate for the developer stated that they are willing to execute the agreement for sale. And during the course of the hearing, Gautam Chaterjee, the chairperson of MahaRERA, who was hearing the case, explained to the homebuyer that relief under section 18 (interest on amount paid) cannot be granted to her as there is no registered agreement for sale between the parties. Meanwhile, the homebuyer also expressed her willingness to continue in the project.
The authority in view of the above facts directed both the parties, to execute the agreement for sale as per the provisions of section 13 of the Real Estate (Regulation and Development) Act, 2016, and the rules and regulations made thereunder.
Chaterjee further ordered that, while executing the agreement for sale, the developer should adjust the amounts paid by the home buyer to its net Present value taking into account the time value of money paid by the Complainant in the year 2015.
HOMEBUYER'S PLEA
- A homebuyer had calimed that he booked a flat through an allotment letter in a project in 2015.
- She alleged that she was promised possession of the flat in 2017 but the developer failed to do so.
- She prayed that the developer be directed to refund the amount paid to him, along with interest and compensation.
){kind=small}
){kind=small}
){kind=small}
){kind=spacer}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "MahaRERA")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}