RERA Ordered 7cr refund for 12 buyers for the delayed luxe project Mirabilis in santacruz In addition, a penalty of Rs 5 lakh was imposed on the developer

RERA Ordered 7cr Refund for 12 Buyers for the Delayed Luxe Project Mirabilis in Santacruz. In Addition, a Penalty of Rs 5 Lakh Was Imposed on the Developer

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed the builders of the luxury project Mirabilis in Santacruz to refund the money paid by 12 allottees who filed a complaint regarding the project’s delay. Under the subvention scheme, nine allottees will receive their payments without interest, while three buyers will receive full refunds with interest. The refund amounts are up to Rs 1 crore in each case, totaling over Rs 7 crore.

MahaRERA acknowledged mitigating circumstances beyond the builder’s control and emphasized the importance of completing the project without jeopardizing the interests of other buyers. Therefore, the refund will be paid after obtaining the full occupancy certificate by the scheduled possession date of December 30, 2023. A subvention scheme refers to a three-party arrangement involving the buyer, builder, and financial institution for a property transaction.

MahaRERA held that the complainants failed to prove the violation by the builder under sections 12 and 18 of RERA but “since they decided to withdraw from the project as the project is not yet started, they can seek a refund. . . without any interest in compliance with the principles of natural justice.”