The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed nine Pune homebuyers to execute cancellation deeds after GERA Developments filed a complaint, alleging non-payment in line with their sale agreements. MahaRERA cited a violation of Section 19(6) of the RERA Act, mandating timely payments. One buyer has already settled their balance, while the remaining eight face cancellation if they do not comply within 30 days.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against nine homebuyers in Pune following a complaint filed by the developer GERA Developments. The developer alleged that these homebuyers failed to make timely payments as per their sale agreements for apartments purchased in various real estate projects between 2019 and 2020. Despite repeated demand notices and reminders, the buyers did not settle their outstanding balances. Each of the apartments in question has an average size of 1,000 square feet.
GERA Developments brought this matter before MahaRERA, seeking termination of the agreements and the issuance of cancellation deeds, which would be registered with the Sub-Registrar. In response, MahaRERA issued an order on August 25, directing the homebuyers to execute the cancellation deed within 30 days from the date of the order. This execution was to take place at a mutually convenient time for both parties involved.
The regulatory authority emphasized that if the homebuyers failed to cooperate in executing the cancellation deeds within the stipulated timeframe, the developer would have the option to file a non-execution application (non-compliance) against the buyers with MahaRERA for further action.
The violation cited by MahaRERA pertains to Section 19(6) of the RERA Act. This section mandates that every homebuyer who enters into an agreement for the purchase of a flat, plot, or building must make the necessary payments in accordance with the terms and timelines specified in the sale agreement.
In response to MahaRERA's order, one of the nine homebuyers came forward and settled their outstanding balance. GERA Developments expressed that the situation had left them unable to cancel the existing agreements or sell the apartments to other buyers, while also not receiving the remaining payments from the initial homebuyers. The nine apartments in question have an approximate total receivable of nearly Rs 3 crore.
In summary, MahaRERA has taken action against nine homebuyers in Pune following a complaint by GERA Developments, alleging non-payment according to sale agreements. MahaRERA ordered these buyers to execute cancellation deeds within 30 days, with the option for further legal action if they fail to comply. The violation was based on Section 19(6) of the RERA Act, and one homebuyer has already settled their outstanding balance. GERA Developments is now working towards resolving the remaining cases and recovering the outstanding dues, emphasizing the importance of adhering to sale agreement terms in real estate transactions.
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