Introduction
The Maharashtra Real Estate Regulatory Authority (MahaRERA), Pune, has ordered the cancellation of the sale agreement of four home buyers who booked flats in the name of World of Joy of Gera Developments for non-payment of the balance amount.
Table of Contents
- GERA Residential: WK Khanbarkar Who Issued the Orders
- Demand Notice Has Been Issued from Time to Time
- Real Estate (Regulation & Development) Act
The regulatory authority has taken action against home buyers who have violated Section 19(6) of the MahaRERA Act. Accordingly, every home buyer who has agreed to the sale is directed to make the necessary payments in the manner and time required for taking possession of the flat, plot, or building. As specified in the sale agreement.
GERA Residential: WK Khanbarkar Who Issued the Orders
Additionally, an officer of Regulatory Adjudicator WK Khanbarkar, in an order dated January 29, directed the Registrar’s Office to take steps to remove the names of the home buyers.
Nine home buyers of GERA Developments have made partial payments for the purchase of apartments in their respective real estate projects. However, the complaint said payments were made between 2019 and 2020 for sale contracts.
Demand Notice Has Been Issued from Time to Time
However, despite issuing demand notices from time to time and receiving payment reminders, they failed to pay the remaining amount. The Apartments have an overall average size of 1,000 square feet each.
Nine home buyers paid between 10 and 20 percent. Blocked apartments from 2019. The promoters are in a position to terminate the agreement and sell to another buyer. Balance payments cannot be obtained from existing home buyers.
Following this, nine defaulters were sued for non-payment in Gera Development’s World of Joy project. MahaRERA issued orders against nine home buyers in August last year. Customers get an order to cancel their agreement. As a result, five home buyers came forward and made the required payment. The other four could not do it.
Gera Developments went back to RERA and asked RERA to cancel the contracts. The regulator has now passed an agreement cancellation order to the home buyers for non-payment. It first became an industry.
Real Estate (Regulation & Development) Act
Gives objective and key definitions used in real estate law. Actions that the authority may take to deal with unfair practices include cancellation of the project. It defines functions. A general They include an overview of the Authority and the Appellate Tribunal.
Related Duties, Powers, and Establishment. It specifies delegated powers. Recovery of interest, penalty, or compensation for offenses. In addition, it lays down specific directives to the Authority regarding Finance, Accounts & Audit.
Conclusion
The regulatory authority has taken action against home buyers who have violated Section 19(6) of the RERA Act. Accordingly, every home buyer who agrees to sell gets permission from the developers to take possession of the flat, plot, or building. For more information, visit Openplot.
Also read: RERA Cancels Registrations for 5 Housing Projects in Gurugram