The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed two developers – Neptun Developers Ltd, and Jangid Constructions – to refund the respective complainants their invested sum for delay in giving possession of flats at two per cent higher than SBI’s highest prevailing Marginal Cost of Lending Rate (MCLR).
The complaint was heard by MahaRERA chairperson Gautam Chatterjee. The developer’s advocates explained that the reasons for the delay in completion project were beyond their control, and the complainant and the developer mutually agreed to a fresh possession date of March 31, 2018.
The developers were directed to pay an interest equal to 2 per cent more than the MCLR till the date of possession as prescribed in section 18 of the RERA Act and the Rules.
