Nahar Group Promoter Moves MahaRERA against Omkar Realtors

Almost a decade ago, Nahar Group’s promoters Manju and Rajesh Yagnik had booked two apartments at a high-end luxury project at Worli and have now moved MahaRERA to seek relief against their peer, Omkar Realtors & Developers
BY Realty Plus
Published - Tuesday, 13 Jul, 2021

Almost a decade ago, Nahar Group’s promoters Manju and Rajesh Yagnik had booked two apartments at a high-end luxury project at Worli and have now moved MahaRERA to seek relief against their peer, Omkar Realtors & Developers The Yagniks had booked two apartments on the 47th floor of Omkar 1973’s (at Worli) Tower C for a sum of Rs 50 crore through another individual who later transferred the rights over to Nahar Group’s promoters. Later, in March 2013, Omkar Realtors & Developers issued allotment letters for the two apartments and assurance that it would execute and register the agreements for sale for both the units. The possession of the two flats was promised by December 2016, with a six-month grace period till mid-2017. In May 2017, Omkar Realtors & Developers approached the Yagniks to inform them of its inability to execute the agreements for sale and hand over the possession as per the timeline. The latter accepted the request for a deadline extension and compensation of Rs 7 crore for both units. Hence, the new deadline was rescheduled from June 2017 to April 2020 and a 12 month’s grace period. As per the complaint, till 2020-end, the agreements were still not executed and instead, they were asked to pay Rs 4.10 crore. Almost half a year after the December 2020 order, Omkar Realtors & Developers did not execute the agreements for sale. Hence, once again, Yagniks moved MahaRERA for relief towards execution of the agreements. On Yagniks’ plea, MahaRERA Member Dr Vijay Satbir Singh ordered Worli project’s realtor to execute the agreements, failing which, it shall be liable to pay Rs 25,000 per day as a penalty for non-compliance of its December 2020 order till the date of compliance, that is the execution of the agreements for sale.

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