Receiving a lot of approbations and approvals from the buyers, RERA has already started paving its way towards more perfection and aptness.
With the act mandating the fact that every state has to draw up its own relevant regulations, every province has already started working on this and it’s expected that within a year, the act would be able to bring in an utter transparency to the entire sector. The authority has now started taking severe actions against the builders who are not being able to meet the deadlines as promised while registering their projects with RERA.
Runwal Homes, an apparent name in the industry, has failed to give possession to a homebuyer on the promised date and as a consequence, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has made an order against Runwal Homes to pay a penalty to the homebuyer whom the builder has failed to serve as promised. According to the source, this order has the highest amount of reprimand sentence put on a builder and it is also going to be the first order to be challenged by any builder in Mumbai High Court.
Runwal Homes has now been asked to repay the home buyer a total amount of 11 Lakh, the amount of interest the appellant had to pay on bank loan. All these dues have to be paid with certain interest at 2% MCLR. Also, getting a stay of 30 days on the order, Runwal Homes is planning to move the High Court against it.Also See