In a significant relief to homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered refunds with interest and possession with delay penalty in the long-stalled “Town Centre” project by Fannan Builders & Developers. The project, registered under P52000011650, was supposed to hand over possession in September 2021, but remains incomplete without an occupancy certificate. Acting on complaints from multiple buyers, MahaRERA passed its order on 4 September 2025, directing the developer to either refund amounts with statutory interest or hand over possession with compensation.
The Case
Several buyers approached MahaRERA after suffering losses due to the delay. They alleged that despite revised deadlines, the project was not completed, leaving them in financial and emotional distress. Some buyers sought refunds of the money paid, while others demanded possession with interest for the delay.
MahaRERA’s Observations
- The builder neither completed construction nor applied for an extension of the registration.
- The promoter failed to appear during hearings and did not file any replies, leading the Authority to proceed ex-parte.
- Buyers with complete documentation were able to secure favourable orders, while incomplete records weakened some refund claims.
Final Order Highlights
| Complaint No. | Buyer/Unit | Relief Ordered | Amount Involved | Interest/Relief |
|---|---|---|---|---|
| CC006000000395949 (Flat C-402) | Paid ₹8.5 lakh | Refund | ₹8,50,000 | With interest from 16.09.2021 till realization |
| CC006000000395949 (Flat C-301) | Paid ₹15.59 lakh | Refund | ₹15,59,260 | With interest from 16.09.2021 till realization |
| CC006000000396170 (Flat B-201) | Paid ₹1 lakh (claimed higher but not proved) | Refund | ₹1,00,000 | With interest from 16.09.2021 till realization |
| CC12500393 (Commercial Unit B-102) | Paid ₹13.28 lakh in full | Possession + Delay Interest | ₹13,28,300 | Possession with OC, interest from 16.09.2021 till handover |
What This Means for Homebuyers
- Keep your records: Agreements, payment receipts, and bank details are critical in RERA cases.
- Refunds possible: MahaRERA allows refunds with interest if possession is not given.
- Possession rights: Fully paid buyers can demand possession with compensation for delay.
- Builder accountability: Non-compliance and absence in hearings severely weaken the builder’s defense.
Bigger Picture
This order reinforces the role of MahaRERA as a protector of homebuyers’ rights in delayed or lapsed projects. It also underscores the importance of documentation for buyers seeking justice. For developers, it serves as a warning that ignoring deadlines and regulatory compliance will invite strict penalties.
Also Read: MahaRERA Orders Refund Paid for Seven Flats in Godrej RKS Project
