PURSUANT TO orders issued by the Maharashtra Actual Property Regulatory Authority (MahaRERA), the 56-storey Palais Royale residential tower in Worli and one other property of Ravi Builders in Mumbra can be auctioned by the respective collectors on July 25. The residential properties can be auctioned after the builders didn’t repay the quantity paid by homebuyers.
Since May 1, 2017, MahaRERA has issued 230 property seizure warrants towards numerous builders who had didn’t refund the cash paid by consumers who had booked flats of their properties. Of those 230 warrants, two warrants have been executed by the respective collectors. Funds raised by way of the public sale can be used to refund homebuyers’ cash.
The Palais Royale, which was set to be the tallest residential constructing within the nation, was auctioned by Indiabulls Housing Finance lately, after the developer didn’t pay up Rs 700-crore mortgage.
In 2018, Ajit R Sanghvi, who had booked a flat in Palais Royale for Rs 24.63 crore, which was then underneath the Shri Ram City Infrastructure Restricted, had approached the RERA citing inordinate delay in handing over his flat. On July 6, 2018, the MahaRERA had issued a property seizure warrant to town collector. The property that can now go underneath the hammer has an space of three,046 sq m and is valued at Rs 47.42 crore.
Within the different case, the Thane district collector had seized the property of Ravi Builders positioned within the Diva taluka. The property, with an space of 4,730 sq m, is valued at Rs 3.06 crore.
Parshuram Veer had filed a criticism towards Ravi Builders, pleading for a refund underneath Part 18 of the RERA Act. Below this part, if a builder fails to satisfy the circumstances of the flat sale settlement, then the patron can get a refund from the builder with curiosity.
Veer mentioned that in 2013, he had booked a flat within the ‘C’ wing of Gaurav Woods 2 on Mira Street. The developer promised to present the flat’s possession by May 2015 however failed to satisfy the deadline.
On May 23, 2018, RERA ordered the developer to refund the quantity paid by Veer and likewise pay a 10.5 per cent curiosity. It additional imposed prices of Rs 20,000 on the builder.
The order said that Veer paid Rs 65,66,856 and have to be refunded Rs 94 lakh, together with curiosity. From the public sale of Ravi Builders’ property, Veer can be given Rs 94 lakh.