Contact Members/Sign Up Reg Form

MahaRERA nullifies sale agreements due to homebuyers' payment defaults.

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a groundbreaking directive, instructing the cancellation of sale agreements between a developer and nine homebuyers in Pune. This unprecedented move came after Pune-based developer GERA Developments lodged a complaint, alleging that the homebuyers had defaulted on their payments.

The nine homebuyers, who had entered into sale agreements with GERA Developments for flats in projects like Geras World of Joy in Pune between 2018 and 2020, had failed to make timely payments, despite paying initial sums ranging between 10% and 20% of the total consideration.

In response to the complaint, MahaRERA Chairman Ajoy Mehta, in an order issued in August 2023, emphasized the importance of regular cash flow for real estate projects under construction. He noted that payments in such projects are typically structured at predefined stages and emphasized the obligation of homebuyers to adhere to the payment schedule outlined in their agreements.

Mehta directed the nine homebuyers to appear and execute cancellation deeds within 30 days. Subsequently, five of the homebuyers complied by clearing their outstanding dues. However, four homebuyers failed to do so, prompting the developer to seek further action from MahaRERA.

As the four non-compliant homebuyers did not respond to the final order notice, GERA Developments approached MahaRERA for enforcement of cancellation and removal of relevant entries from the agreements for sale.

In response, MahaRERA adjudicating officer WK Kanbarkar, in an order dated January 29, 2023, instructed the jurisdictional sub-registrar to record appropriate notes in the relevant register, officially terminating and canceling the agreements for sale between the parties involved. This marks a significant development in the regulatory framework governing real estate transactions in Maharashtra.

March 23, 2024 2:22 p.m. 17825

#trending #latest #MahaRERA #RealEstate #Pune #GERADevelopments #Homebuyers #CancellationDeeds #PaymentDefaults #Property #RegulatoryAuthority #AjoyMehta #RealEstateRegulation #Compliance #Enforcement #LegalAction #Maharashtra #HousingMarket #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

Pregnant Woman Among Civilian Casualties in Ukraine-Russia Strikes

global news / world news
April 20, 2024 6:07 p.m. 437

Cross-border Attacks: 3 Dead in Russia, 2 Killed by Russian Strike in Ukraine...Read More.

Israeli Strike on Rafah Kills Nine, Including Six Children

global news / world news
April 20, 2024 6:01 p.m. 451

The remains of the six minors, two females, and one male were transported to Rafah's Abu Yousef al-Najjar hospital, as indicated by the hospital's documentation...Read More.

Pregnant Woman Among Civilian Casualties in Ukraine-Russia Strikes

Cross-border Attacks: 3 Dead in Russia, 2 Killed by Russian Strike in Ukraine

Israeli Strike on Rafah Kills Nine, Including Six Children

The remains of the six minors, two females, and one male were transported to Rafah's Abu Yousef al-Najjar hospital, as indicated by the hospital's documentation

UAE President Honors Eight with Abu Dhabi Awards

The Abu Dhabi Awards honored UAE champions in education, sustainability, medicine, and beyond.

Verstappen Clinches Chinese GP Pole After Sprint Triumph

Max Verstappen sealed a flawless day by setting the fastest lap of 1 min 33.660sec, following his victory in the sprint race at the Shanghai International Circu

Shehnaaz Gill Stuns in Black Blazer, Radiates Glam on Social

Shehnaaz Gill sparks social media craze with chic black blazer, oozing glamour and sophistication

Iraq Popular Mobilization Units Members Killed in Base Blast

Explosion at Kalsu base near Baghdad kills one PMU member, injures eight

Dubai's DEWA Unveils Second Infrastructure Manual

17 New Project Types Added in Latest Edition, Totaling 67 Projects

Satellite Data Reveals China's Sinking, Threatening One-Third of Population

Satellite data reveals alarming sinking in China: 45% of urban areas affected.

Dubai Residency Processes 400,000 Passengers Amid Weather Emergency

Dubai Residency Completes Procedures for Over 400,000 Passengers Amid Emergency Weather Conditions

Ease My Trip Shares to Garner Attention Next Week in Stock Market

EaseMyTrip injects ₹33 crore into Mumbai's B2B travel agent, Etrav Tech, in strategic investment move.

Vondrousova's Composure Prevails as She Upsets Sabalenka in Stuttgart Open

Swiatek, the world number one, maintained her flawless tournament record with a commanding victory over Briton Raducanu, extending her run to 10-0.

Disha Patani rocks casual chic at airport in crop top and denim bermuda shorts

Disha's airport ensemble with Bermuda shorts and a crop top exudes freshness and style.

Emirates Airline Returns to Normal Flight Operations; Tim Clark's Open Letter

Clark mentioned, "Clearing the backlog of rebooked passengers and bags will require a few more days.

AI Expert Predicts "Fundamental Change" in News Ecosystem

Journalism has struggled over the past decade or more, lacking a credible vision for its future within the realm of social media," he stated.

Malaysia set to reveal towering landmark surpassing Burj Al Arab

Reaching 325m at its peak, the new tower will surpass Burj Al Arab, matching the height of the Eiffel Tower.

Morgan Wallen Breaks Silence After Nashville Arrest for Chair Incident

Morgan Wallen expresses remorse, takes responsibility, and acknowledges he's not proud of his actions in Nashville incident.

Emirates and Flydubai Resume Normal Operations at DUBAI Airport

Emirates halted check-in for transit passengers from Dubai, while FlyDubai adjusted its flight schedule by canceling some flights.

IREDA Q4 Results: Net profit surges 33%, net interest income rises 35%

IREDA, under Ministry of New and Renewable Energy, saw its shares close at ₹160.80, down by ₹2.30 (1.41%), on the BSE.

Ex-India Star Criticizes Punjab Kings Strategy in Loss to Mumbai Indians

Aakash Chopra expressed dissatisfaction with Punjab Kings' chase approach, criticizing their use of Shashank Singh during the IPL 2024 loss to Mumbai Indians.

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 56 450 3476

Follow Us

© DNN. All Rights Reserved.