Recently, MahaRERA provided relief to over 70 homebuyers of the Ruparel Skygreens project in Borivali due to delays in possession. The promoter was directed to refund payments, cancel agreements, and hand over possession with an occupancy certificate, while addressing interest for delays. Some complaints were dismissed due to lack of evidence. MahaRERA also lifted a restraining order on Piramal Capital & Housing Finance Limited, emphasising adherence to the tripartite agreement. Complaints included significant loan disbursements by the finance company and delays in project work, particularly on C wing.
Earlier this week, The Times of India (TOI) was first to report that Mahashtra's real estate regulatory authority MahaRERA provided relief to over 70 homebuyers who had purchased flats in the Ruparel Skygreens project in Borivali. The promoter had not delivered possession of the flats to the allottees who had booked under both the subvention scheme and the construction link plan scheme by the agreed-upon dates or the MahaRERA completion date of December 2021.
MahaRERA Chairman Ajoy Mehta instructed the promoter to refund the full amounts received from some allottees, with interest for certain individuals and without interest for others. The promoter was also directed to execute and register cancellation deeds, cancel allotment letters and agreements for sale, and refund the payments made. Additionally, possession with an occupancy certificate (OC) was to be handed over to some allottees, along with interest for any delays, depending on the various reliefs requested by the allottees.
The regulatory authority, however, dismissed some complaints due to issues of maintainability and insufficient evidence. MahaRERA also lifted the previous order that had restrained Piramal Capital & Housing Finance Limited from taking any coercive action. The authority noted that it had already determined the rights of the allottees and outlined the promoter's obligations. MahaRERA clarified that it had no jurisdiction over the tripartite agreement between the allottee, promoter, and lender. Nonetheless, it instructed all parties to adhere strictly to the terms of the tripartite agreement. Complaints had been raised by the allottees regarding the finance company's initiation of proceedings under the SARFAESI Act.
The MahaRERA order further acknowledged the inherent complexities in executing a real estate project, but emphasised that these challenges are well-known to developers undertaking such projects. One of the allottees recently filed a complaint requesting a refund of the amounts paid to the promoter due to the excessive delay in handing over possession of a flat booked in 2017. The complainant noted that, according to the agreement, possession was to be delivered on or before December 2021.
The promoter had previously informed the complainant about the subvention scheme, under which the responsibility for any payments until the physical possession of the flat would fall on the promoter, relieving the complainants of this burden. The complainant further indicated that the finance company had made significant loan disbursements to the promoter on behalf of the homebuyers. Another complainant reported that he had booked and registered an agreement for sale in March 2018, with possession promised on or before December 2021. He also noted that, to date, no work had begun on the C wing of the project.
MahaRERA's recent actions underscore its commitment to ensuring fair resolution for homebuyers facing delays. By mandating refunds, cancellations, and possession handovers, the authority aims to address grievances and enforce contractual obligations. The dismissal of some complaints highlights the importance of substantial evidence in such cases. The removal of restrictions on Piramal Capital & Housing Finance Limited and the emphasis on adhering to tripartite agreements further illustrate the need for all parties to meet their responsibilities. As the project progresses, timely completion and transparency remain crucial for restoring buyer confidence and ensuring project success.
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