Godrej Properties To Refund Homebuyers In Raj Kapoor Studio As Directed By Maha Rera
Maha RERA directs the reputed builder, Godrej Properties, to refund the amounts that are paid by 6 homebuyers without interest for 7 flats in the project “Godrej RKS” in Mumbai.
Godrej Properties has got the project from the Kapoor family for building a housing project. They are developing the former film studio that is owned by the late film maker Raj Kapoor. The buyers of the project had quoted their current financial problems after the pandemic. So, they asked for a refund. Maha RERA told the builder that the agreements can be stopped and to process the refund.
Maha RERA stated in its order dated in May 29 that, “The developer had given termination letters between August 2021 to July 2023. Also, it stated that there will not be any delay in handing over the houses for ownership.
Also, payments must be made in stages as told by RERA at each stage of building. All buyers have signed the application forms that clearly outlines the complete terms. These terms cannot be altered. It was found that buyers were not given the refunds they had claimed.
The full consideration value for the 7 units was Rs. 28.8 crores. In that the buyers had paid Rs. 6.21 crores. There was a 6th buyer who bought 2 flats, and the builder has issued a notice as there was a default in payment. RERA found the termination to be valid. It stated that the builder can proceed with it under Section 11(5) of the RERA Act, to give the cancellation deed.
Also, MahaRERA instructed the builder to refund all the amounts they have got from the buyer in 60 days from the date of the order. They also directed the buyers to do the cancellation deed within 30 days. They also clarified that the buyers are not eligible for any interest on the refund amount.
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