MahaRERA Takes Stern Action Against Defaulting Homebuyers in Pune

MahaRERA Takes Stern Action Against Defaulting Homebuyers in Pune

MahaRERA Takes Stern Action Against Defaulting Homebuyers in Pune

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In a significant move, MahaRERA has canceled home buyers’ agreements in Pune following a developer complaint, highlighting a pivotal shift in accountability under the RERA Act. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken decisive action against nine homebuyers in Pune after a city-based developer lodged a complaint, asserting that the buyers had failed to fulfill their financial obligations stipulated in their sale agreements.

According to the complaint, these homebuyers had only made partial payments for apartments in various real estate projects between 2019 and 2020, ranging from 10 to 20 percent of the total cost, effectively blocking the properties since then. This failure to complete payments left the developers unable to proceed with sales to other buyers or receive the remaining balance from the existing ones.

In response, MahaRERA has instructed the homebuyers to execute cancellation deeds within 30 days, failing which the developer retains the right to file non-compliance applications against them for further action. The move underscores the regulatory body’s commitment to enforcing Section 19(6) of the RERA Act, which mandates timely payments by homebuyers as per the terms outlined in the sale agreements.

This landmark decision serves as a warning to defaulting homebuyers, signaling that MahaRERA is empowered to hold both developers and buyers accountable for their contractual obligations, thus ensuring transparency and fairness in the real estate sector.

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