MahaRERA Penalises Runwal Homes for Possession Delay

Oct 16, 2017 Share

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

Nyati Elysia Kharadi image
Nyati Elysia Kharadi

Pristine Pacific ambegaon
Pristine Pacific Ambegaon

Share Your Comment 0 Comments

Investment Opportunities

  • Price on Request
    Ganga Platino III , by Goel Ganga Developments presenting premium 2 & 3 BHK XL Residences in Kharadi, Pune. Luxurious livin...
  • ₹ 66.72 L - ₹ 73.27 L
    Overview Nyati Elysia II, a residential project by Nyati Group offes 2 BHK premium homes in Kharadi, Pune. Experience the harmo...
  • Duville Riverdale Heights, by Duville Estates, presents an array of 1 bhk & 2 bhk new launch flats at Kharadi, Pune. An ideal...
  • Price on Request
    Purvankara presents Purva Silversands 1, 2, 3 and 4 bhk apartments project in Keshav nagar, Pune which is a project spread across...
  • Vascon and Clover Builders brings to you Forest County spacious 2 bhk and 3 bhk new launching apartments in Kharadi, An 18 acres l...
  • Price on Request
    Vascon and Clover Builders brings to you Forest County 2 bhk and 3.5 bhk under construction apartments in kharadi, An 18 acres lu...
  • ₹ 65 L - ₹ 85 L
    Godrej Properties Launching Pune’s first community dedicated to Healthy living, Godrej Rejuve at Keshavnagar. A remarkable p...
  • Price on Request
    Vascon Forest Edge developed by the Vascon Group, the under construction residential apartments in kharadi with wide range of amen...
  • ₹ 62.6 L - ₹ 98.06 L
    Overview Gera’s Misty Waters by Gera Developments Pvt. Ltd., is a residential venture that consists of 2 BHK and 2.5 BHK...
Disclaimer - The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently. FourrWalls does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the information contained herein. You are advised to conduct an independent verification before entering into any transaction.