By Ateeq Shaikhmaharera ordered the developer to pay interest on the delay in his SRA project
Does your developers skip the deadline for housing projects before the pandemic? If your answer is yes and if you take this problem to the Maharashtra real estate or Maharera Supervisory Authority, it can order a broker to pay you interest in the Covid-19 moratorium period too.
This is what Maharera did in a recent case when ordering ITMC developers-based Kandivali to pay interest on the delay in providing its SRA project in Vikhroli, called Sapphire 1.
One of the flat owners, Ravindra Vengurlaekar, has moved Maharera to seek help in the form of interest payments in the flat amount paid to builders for apartments and parking lots.
Builder has sold this flat for Rs 1,50,80,000 with a clause in an agreement to hand over ownership on or before December 2016, commitments that are not respected by ITMC developers.
So far, Vengurlekar has paid Rs 1,32,70,401 of the total maturity and seek interest payments starting January 1, 2017, and so on.
During the argument, advocating brokers defended non-interesting payments by stating that the share of ownership was extended to July 2018, which was communicated to home buyers.
Apart from this communication, the complainant chose to continue to make payments, namely “implied approval for the extension on the date of ownership” observing Maharera.
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Advocate Karan Bhosale, who represents the builder, also argues that the Flat Buyer makes the last payment in September 2018, therefore, interest must be given from October 2018 and not from 2017 as claimed by the buyer of the flats.
This interest payment may not apply to the period of the moratorium provided by Maharera due to Covid-19 pandemic by applying for the Force Majeure clause.
Interest payment of the money invested by home buyers is not a penalty, but this type of compensation for delay-Dr.
Vijay Satbir Singh, Member, Maharera
In 2020, Maharera has stated March 15 to September 14, 2020, as Force Majeure under the provisions of real estate (regulation and development) acting to provide a suspension to a party in the contract.
Therefore, the deadline of all projects under construction can be extended for six months without a penalty.
However, in this case, this project was delayed before the pandemic.
Dr.
Vijay Satbir Singh, Member, Maharera, observed that the developer could not provide a satisfying explanation of the project delay.
“Interest payments in the money invested by home buyers are not a penalty, but a kind of compensation for delays.” Therefore, ITMC developers must pay interest in August 2018 (after taking into account the six-month grace period from the initial project limit) and so on until the actual date of ownership in the amount paid by Vengulekar at the marginal interest rate plus 2 percent.