The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered Larsen & Toubro L&T to take just 2 percent of the money already paid and to refund the remainder in the course of hearing a case that was filed by a homeowner in Abu Dhabi.
This is only the second regulation by the regulator, following the same decision about Godrej Properties.
Non-resident Indians (NRI) were able to book an apartment within the Kurla neighborhood of Mumbai created through L&T Realty, the real property arm of the conglomerate. They paid more than Rs 25 lakh out of the total amount of 2.29 crore.
But, L&T later terminated the reservation due to the non-payment of the remaining balance. L&T provided the customer with the amount of Rs 17 lakh and deducted more than 8 lakh as cancellation charges, which are about 3.49 percent of the cost.
MahaRERA in their decision issued an order directing L&T to limit the deduction of greater than 2 percent of the amount paid up at the time of termination of the reservation.
Moneycontrol was on the 8th of April disclosed that MahaRERA had directed Godrej Greenview Housing Private Limited an arm that is part of Godrej Properties, to deduct only 2 percent of the cost and not five percent of the amount and then pay the remainder amount back to the homebuyer who purchased and canceled an apartment at a cost of approximately Rs 92 lakh at the Godrej Emerald project located in Thane close to Mumbai.
The situation
The buyer from the United Arab Emirates has booked a house and received an allotment notice in March in the project dubbed Emerald Isle - T10 located in Kurla in Mumbai.
However, the deal did not close because the buyer was unable to pay. After all, the subventions to banks had been removed.
A subvention plan is one in which the three parties agree with the buyer, developer, and the buyer's lender, where the buyer will pay up to 10 percent of the total cost while the remainder is covered by the bank, and monthly installments equated start after the house is transferred.
The developer argued in front of MahaRERA that, despite all efforts, the plaintiff (homebuyer) didn't appear to sign a contract for sale. This assertion was disputed by the buyer.
In MahaRERA's conciliation forum at MahaRERA's conciliation forum, the developer stated that it could and was willing to reimburse Rs 17 lakh back to the buyer. However, they could not reach an agreement with the price, and agreement terms were not agreed upon.
He was cited in COVID-19 as the reason for his inability to go to India and sign the deal to purchase.
He denied any claim of not having enough funds, saying there was enough money to cover payments. However, because the contract for sale wasn't signed the developer was not under any obligation to pay the developer.
It was the MahaRERA in its order of March 11 said that the buyer was unable to justify why the seller had not paid fees for registration and stamp duty to execute the contract for sale, even though the developer in June of 2019 had asked the buyer to be able to pay for the charges.
"All these facts lead to show that the complainant by citing flimsy grounds has avoided the timely payment and also the execution of the agreement for sale despite being called upon by the respondent vide several correspondences," the MahaRERA decision said.
Given that the homeowner had requested to get out of the property along with a cash refund, MahaRERA directed the developer to pay back the amount paid without interest, and after subtracting 2 percent from the value (value) for the flat.
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