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Mumbai: The Maharashtra Real Estate Tribunal (MREATamended the 2021 order of MahareraWhich had not only denied interest to the home buyers from the day it was paid but also refund of other payments like stamp duty, registration fee etc. and payment of interest on the amount paid by the home buyer to the Andheri based developer was instructed to do. Also refund the correct and statutory payment from the day of deposit.
MREAT also denied the relief granted by MahaRERA to the promoter for the Covid moratorium period, while computing the interest liability.
The home buyers, represented by Advocate Nilesh Gala, booked a flat Krishna Niwas In Andheri (East) the flat was promised to be handed over in 2015 and in 2017 for a total of Rs 2.66 crore.
Home buyers Kunal and Sonal Kumbhat made a cumulative payment of around Rs 70 lakh, including taxes and statutory payments. However, the promoter failed to deliver the possession within the agreed time frame.
While MahaRERA in its order directed the promoter Krishna Developers In order to refund the entire consideration along with interest from the date of default i.e. 2017, MREAT in its judgment said that it would be just and proper to refund the amount paid to the home buyers along with interest from the date of receipts.
MREAT cited Supreme Court judgments and clarification of Section 2(za) of the Real Estate (Regulation and Development) Act, besides, a Bombay High Court order stating that the requirement to pay interest is not a penalty , as the payment of interest is compensatory in nature in light of the delay caused to the allottee, who has paid for his apartment but has not received the possession thereof.
Interest is simply compensation for the use of money. MREAT, on denial of promoter claiming benefits of moratorium allowed by MahaRERA, observed that in two circulars issued in 2020, the validity dates of project registration have been changed without any change to the date of possession during Covid-19 has been exceeded.
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