Maharashtra Real Estate Appellate Tribunal has directed the suburban collector to attach and auction properties and bank accounts of Krishna Developers Pvt Ltd for failing to comply with an order to refund a homebuyer.
Circle rate is the minimum price at which a property is registered with the revenue department when being transferred. The stamp duty levied on such properties is a major revenue for the state government
The DGAP found that the real estate firm benefitted from additional ITC post the introduction of Goods and Services Tax between July 1, 2017-March 31, 2019, and over ₹6.46 crore should be passed on to the buyers in the project.