News By/Courtesy: Anusha G Rao | 06 Jan 2019 12:48pm IST

HIGHLIGHTS

  • The Maharashtra Real Estate Regulatory Authority (RERA) has refused to entertain the claim of the Neelkamal realtors that it was due to the general economic slowdown.
  • The Maharashtra RERA rightly said that the Indian economy has shown consistent economic growth over the last years and there has not been any inflation or recession.
  • It further also said that the builder must be aware of the of the happenings of his industry and made the builder pay the penal charges by rejecting their claims.

The Maharashtra Real Estate Regulatory Authority (RERA) has refused to entertain the claim of the Neelkamal realtors that it was due to the general economic slowdown that they could not adhere to the delivery schedule it had promised to the home buyers. The developer had informed to the RERA that it was due to the unstable economic conditions and the crisis; it could not sell flats and generate funds for construction of project located in the northern parts of Mumbai. 

The Maharashtra RERA rightly said that the Indian economy has shown consistent economic growth over the last years and there has not been any inflation or recession and that the builder must be aware of the of the happenings of his industry. Thus, RERA rejected such claims and directed the developer to pay penal charges.

Home buyers had moved to RERA against the developer after it had failed to deliver the flats they had promised to at its DB Project Ozone in Mira Road near Mumbai in 2015. Even after the grace period of 12 months from the promised delivery date, the developer failed to do so. The developer had argued that due to ban on sand and stone mining he had failed to deliver flats. However, RERA did not accept the same.

Section Editor: Shreyashi Tiwari | 06 Jan 2019 12:51pm IST


Tags : #Maharashtra #RERA #Refuse #Claims #Economic #Slowdown

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