MahaRERA Asks Builder to Refund Rs 1.5 Crore to Buyer

The Maharashra Real Estate Regulatory Authority(MahaRERA) has asked a developer to refund a home buyer Rs 1.58 crore, plus 10.55 per cent interest from the date of payment, for delayed possession. Skyline Constructions, part of the RNA Group, is to issue the refund for its RNA Exotica project in Goregaon to home buyer Manish Mody. Mody had booked Flat No. B 3201 in RNA Exotica, a 36-storey project close to Ram Mandir railway station, in October 2013. He was promised possession by December 31, 2017. RTI activist SulaimanBhimani, appearing for Mody, sought a refund of his investment under Section 18 of the Real Estate (Regulation & Development) Act (RERA) for failure to hand over possession by the agreed date.