Refund the booking amount: MREAT orders omkar ventures

Refund the booking amount: MREAT orders omkar ventures

The MREAT (Maharashtra Real Estate Appellate Tribunal) asked the Omkar Ventures to refund the booking amount of the buyer which has been forfeited by showing some clauses in the allotment letter. The appellate jurisdiction set aside the MAHARERA and said that no developer can seize the booking amount illegally by showing certain clauses in allotment letter by signing t forcefully.

The tribunal jurisdiction said that homebuyers should not face such problems created by the developers. Forfeiting the booking amount by showing some unknowing clauses in the letter is referred to as unfair, fraud and illegal which sprightly against the provisions of Regulation and Development Act.

It is also explained by the official that the buyers may not understand the terms of real estate which are used in the contractual procedure for making an allotment letter or form which confirms that the booking od the particular plot is done.

One of the homebuyers booked an apartment of Rs. 1.36 crore within which the buyer has given 6.95 lakh for application form of allotment and 1 lakh for expression of interest. But the after the allotment in 2017, the buyers received a demand notice for payment of another installment which is sent by the developer. Though the buyer failed to arrange the money from the bank and they asked to cancel the booking by refunding the amount of booking.

The developer denied refunding the booking amount showing clause in the allotment letter that in case of cancellation the seller can forfeit the 10% of the booking amount as consideration. He sticks to his words and forfeited 5% of the money from the total amount. MAHARERA has redressed the complaint of the buyer and given the verdict in the favour of the developer but the tribunal jurisdiction has certain rules and found many disputes between buyers and sellers. One of the officials said that the provisions of regulatory authorities sometimes help the developers in forfeiting the funds which are not at all favorable to the homebuyers. Most of the buyers across the country have raised their voice that the agreements and the terminology of real estate used in agreements keep harassing them with a huge loss and favor the realtors.

There are many complaints like interest on default o payment and penal charges are also imposed on the homebuyers by the developers are being raised by the buyers. Buyers in Kolkata should make a smart decision to invest in Property In Rajarhat in post- COVID-19 as these properties are always registered with the regulatory authorities and the developers are bound to have crystal clear deals with the stakeholders.

See also : Covid-19 will be treated as force majeure in RERA

By LNN (Liyaans News Network)