MahaRERA provides relief to 550 homebuyers in Mumbai
The MahaRERA order stated that failure to hand over the apartment within the stipulated time period, including a 3-month grace period, would entitle the builders to pay interest till the date of possessionmumbai Updated: Feb 13, 2018 10:00 IST
In a major decision which gave relief to 550 flat buyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has asked the builder of a project in Mira Road that has been stalled for the last seven years to hand over the possession to the buyers by December 31 2019.
The MahaRERA order stated that failure to hand over the apartment within the stipulated time period, including a 3-month grace period, would entitle the builders to pay interest till the date of possession.
Tanvi Eminence Phase 1 and Phase 2, a mega-residential project on Mira road, was started in 2009 and hit a roadblock in 2011. The project got stalled due to environmental clearances. However, even after the environmental clearances, an internal dispute between the partners of Kashimira Ceramic Products LLP brought the project to a standstill.
550 homebuyers booked the apartments between 2010 and 2017, and were still uncertain about whether or not they would get possession of the apartment. The flat buyers then formed the Tanvi Eminence Owners Welfare Association and took their case to MahaRERA. Representing them, housing activist Ramesh Prabhu said that the buyers were ready to take over the project.
“This made all the difference as the promoters then resolved their differences and signed new consent terms with the association,” said Prabhu.
The promoters have now allowed Dahyabhai Sutaryia, one of the original partners, to take over the whole project. Sutaryia, along with a new stakeholder, Dhaval Darji, will now be responsible for the project.
Ever since MahaRERA came to force last year, it has served to provide respite to many homebuyers who have been waiting for years for possession. It has received kudos from real estate experts for its speedy disposal of cases.