MahaRERA to auction Kambar Constructions' assets in February

The first-ever auction of a property to recover money from a developer who defied Maharashtra Real Estate Regulatory Authority’s (MahaRERA) refund orders will finally happen next month in Ambivali near Kalyan, raising serious questions on whether Real Estate (Regulation and Development) Act can really give swift justice to buyers. The Act came into effect on May 1, 2017. KalyanTehsildar Amit Sanap has issued the final public notice to auction flat 404 in Falco Woodshire project in Ambivali belonging to Pradnya and Nikhil Sable, a Kalwabased couple, along with four others on February 21 to recover a sum of Rs 51.88 lakh which includes principal sum of Rs 36.86 lakh and interest at 10.5 per cent, from the developer, Kambar Constructions. All flats in the auction have base prices ranging from Rs 15-17.30 lakh.