Post by : Dr. Amrinder Singh
MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a groundbreaking directive, instructing the cancellation of sale agreements between a developer and nine homebuyers in Pune. This unprecedented move came after Pune-based developer GERA Developments lodged a complaint, alleging that the homebuyers had defaulted on their payments.
The nine homebuyers, who had entered into sale agreements with GERA Developments for flats in projects like Geras World of Joy in Pune between 2018 and 2020, had failed to make timely payments, despite paying initial sums ranging between 10% and 20% of the total consideration.
In response to the complaint, MahaRERA Chairman Ajoy Mehta, in an order issued in August 2023, emphasized the importance of regular cash flow for real estate projects under construction. He noted that payments in such projects are typically structured at predefined stages and emphasized the obligation of homebuyers to adhere to the payment schedule outlined in their agreements.
Mehta directed the nine homebuyers to appear and execute cancellation deeds within 30 days. Subsequently, five of the homebuyers complied by clearing their outstanding dues. However, four homebuyers failed to do so, prompting the developer to seek further action from MahaRERA.
As the four non-compliant homebuyers did not respond to the final order notice, GERA Developments approached MahaRERA for enforcement of cancellation and removal of relevant entries from the agreements for sale.
In response, MahaRERA adjudicating officer WK Kanbarkar, in an order dated January 29, 2023, instructed the jurisdictional sub-registrar to record appropriate notes in the relevant register, officially terminating and canceling the agreements for sale between the parties involved. This marks a significant development in the regulatory framework governing real estate transactions in Maharashtra.
India Names 23-Member Squad for U17 Asian Cup Qualifiers
India announces 23-player U17 squad for 2026 AFC Qualifiers. Matches start Nov 22 in Ahmedabad with
Neil French, Advertising Legend, Passes Away at 81 in Majorca
Neil French, British-born advertising legend, shaped Asian creative culture and won multiple lifetim
Smokey Robinson Faces New Sexual Assault Allegations
Two former employees join $50M lawsuit, accusing Smokey Robinson of sexual harassment and assault, a
Creative Expressions Unveils UAE’s Vibrant Artistic Talent
Discover UAE’s top creative talent at Creative Expressions, showcasing art, film, music, theatre, an
UAE and Finland Leaders Meet to Strengthen Bilateral Ties
UAE President Sheikh Mohamed bin Zayed meets Finland President Stubb to strengthen bilateral relatio
Dolly Parton Shares Health Update After Missing Hall of Fame
Dolly Parton opens up about health challenges after missing IAAPA Hall of Fame ceremony, assuring fa
UAE, Hungary Strengthen Ties Through FNC Official Visit
UAE FNC delegation visits Hungary, signs MoU, and promotes bilateral cooperation, peace, and parliam
Malaysia PM Vows Full Probe into FIFA Football Player Suspensions
Malaysia PM Anwar Ibrahim vows full probe into FIFA ban on seven football players, ensuring transpar
Kagiso Rabada Misses Second Test as South Africa Face India
Kagiso Rabada will miss the second Test, ODIs, and T20s against India due to a rib injury, with Lung
Shubman Gill Ruled Out of Second India vs South Africa Test
Shubman Gill will miss the second India vs South Africa Test due to a neck injury, with Rishabh Pant
Starc Takes 7 Wickets to Shake England on Day One in Perth
Mitchell Starc starred with 7 wickets as England struggled in Perth, with Stokes shining but Austral
Kazuma Okamoto and Kona Takahashi Enter MLB Posting System
Infielder Kazuma Okamoto and pitcher Kona Takahashi enter MLB posting system, giving teams a chance
Texans Defeat Bills 23-19 with Strong Defense and Touchdowns
Texans beat the Bills 23-19 as Davis Mills throws touchdowns and Houston's defense forces turnovers
Iraq Prepares for World Cup Playoffs Against Bolivia or Suriname
Iraq coach Graham Arnold urges team to stay positive as they prepare for intercontinental playoffs a
Uruguay Coach Bielsa Talks 5-1 Defeat Ahead of World Cup
Uruguay coach Marcelo Bielsa reacts to 5-1 defeat vs USA, assures team will continue preparations co