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Developer Default

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In a blow to real estate borrowers, the Bombay High Court has ruled that a single mortgage securing multiple loans counts as separate transactions, forcing Mumbai developer Neepa Real Estates to pay an extra ₹72 lakh in stamp duty and penalties on ₹625 crore worth of loans.

Homebuyers Come Before Banks: MahaRERA Pulls Bank For Ignoring Homebuyers While Lending Money to Builder

In a landmark ruling in the Ashish Sea View case, MahaRERA has declared that homebuyer rights take precedence over banks’ SARFAESI claims. The authority criticised lenders for failing to verify third-party rights and directed them to conduct thorough due diligence before granting project loans. The order significantly strengthens protections for Maharashtra homebuyers.
In a key ruling, MahaRERA held that even when an Agreement for Sale is silent on the possession date, the builder must hand over the flat within a reasonable period of three years from the agreement date — failing which, interest is payable for the delay period. The order in the Mauli Omkar project case awarded interest from March 2019 to April 2023 to complainant Sabirali Tufhel Shaikh.

Developer Faces Property Attachment for Ignoring MahaRERA Payment Order

In a major win for homebuyers, the Mumbai Collector has issued a notice to attach and auction the properties of Desai Residency Pvt. Ltd. for ignoring a MahaRERA compensation order. Under Section 267 of the Maharashtra Land Revenue Code, authorities can seize movable and immovable assets to recover over ₹42 lakh in dues.