The case pertains to Unit No. 3502 on the 35th floor of Tower C in Omkar 1973, Worli. Here is the complete chronological sequence of events:

• March 2015 – April 2016: The Mehta family (Mr Mahendra Mehta, Mr Vikram Mehta and Mrs Hinal Mehta) applied for and received a Letter of Allotment dated 26 April 2016 for the flat. They paid ₹7.33 crore as advance consideration plus ₹35.41 lakh towards TDS, Service Tax and VAT — a total of ₹7.69 crore. The allotment letter promised possession on or before 30 June 2019, extendable latest to 30 June 2020.
• 2018: Construction of Tower C came to a complete standstill after multiple Bombay High Court orders restrained the developer from carrying out further construction and creating any third-party interest on the top floors. On 1 August 2018, the Mehtas issued a legal notice demanding full refund with 14% interest and cancellation of the allotment.
• 2021: With no response or refund from the developer, the family approached MahaRERA by filing Complaint No. CC009000000195169 of 2021.
• 19 December 2022: MahaRERA Member-I directed Omkar Realtors to refund the amount paid. However, the Authority allowed the builder to deduct 2% of the total consideration (as per MahaRERA Order No. 35 of 2022) and crucially denied any interest on the refunded sum.
• 2023: Aggrieved by the absence of interest and the 2% deduction, the Mehta family filed Appeal No. AT006000000144304 of 2023 before the Maharashtra Real Estate Appellate Tribunal.
• 23 March 2026: The appeal was heard through video conferencing.
• 8 April 2026: In a detailed judgment authored by Member (A) Dr Rajagopal Devara (and concurred by Member (J) Shriram R. Jagtap), the Appellate Tribunal allowed the appeal. It held that under Sections 18(1)(a) and 19(4) of the RERA Act, the allottees have an “unqualified right” to full refund along with interest when the promoter fails to deliver possession. The Tribunal ruled that the delay was solely attributable to the builder and court orders, not the homebuyers. It set aside the 2% deduction and the denial of interest.

The Tribunal modified the MahaRERA order and directed Omkar Realtors to refund the full ₹7.69 crore along with interest at SBI MCLR + 2% per annum, calculated from the respective dates of payment till actual realisation. Parties are to bear their own costs.

Advocate Akash Rebello appeared for the homebuyers, while Advocate Sonali Jain represented the developer.

This order is seen as a strong reinforcement of homebuyer rights under RERA, especially in cases where projects are stalled due to the promoter’s litigation issues.

Also Read: Omkar Sells 9 Flats Worth ₹131 Crore To A Buyer

The post Omkar 1973: Builder Delayed Possession, MahaRERA Denied Interest & Cut 2%; Tribunal Grants Full Refund + Interest appeared first on Square Feat India.

By Varun Singh

Omkar Realtors on March 28, 2021 registered the sale of a total nine flats worth Rs 131 crore.

All the flats were sold to a single buyer and that too on the same day.

All these flats are located in the A and B wings of Omkar 1973 located in Worli.

The combined value of the nine flats sold by Omkar Realtors stands at Rs 130.99 crore.

The buyer of all the flats is Mirandum Realtors Ltd, another real estate related company.

A source close to the deal said, “The documentation in regards to the deals were carried out on December 30, 2020 when the stamp duty was 2%.”

The total area of the nine flats measure 2,968.43 square meters, which translates into 31,952 square feet.

Along with the flats, the buyer company will also have access to 25 car parks in the building.

Details Of The Nine Flats

Omkar Realtors refused to comment on the deal. The company has been in news off late for various reasons.

The chairman and the managing director of the company are arrested and a chargesheet already has been filed by the Enforcement Directorate.

Earlier another deal related to the same project had made news when, a top firm had sold for Rs 6.14 crore that it had bought for Rs 9.6 crore only nine months ago.

Also Read: Top Firm Sells Worli Flat For Rs 6.14 Cr That It Bought For Rs 9.6 Cr Only 9 Months Ago

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By Varun Singh

Omkar Group one of the leading developers in the city of Mumbai on Monday had the Enforcement Directorate (ED) at it doors.

The builder which carries out some of the big Slum Redevelopment Project issued a statement that called the ED visit as routine enquiry.

The statement read, “The routine enquiry carried out by ED at Omkar group today is a matter related to writ petitions filed by Surana Developers and litigation by Pradeep Kadam against Omkar regarding clubbing/de-clubbing of SRA scheme no IV Anand Nagar SRA CHS situated at F/North ward, with already approved clubbed scheme No 1.II.III.IV as per rules, regulations and policy of SRA.”

The developer further said, “In the said matter, the Bombay High Court (order dated 30/07/2020) refusing any relief to petitioner Surana asked them to withdraw the same and later (vide order dated 28/08/2020) also asked the litigant Kadam, a non eligible slum dweller in Anand Nagar SRA, acting on behest of Surana to approach the statutory body governing all SRA schemes, AGRC (Apex Grievance Redressal Committee).

The builder further claimed that AGRC body has already adjudicated (vide order dated 27/11/2020) allegations made by Pradeep Kadam are false and baseless and done with malafide intention.

According to the statement issued by the developer, “The order states that the appeal filed by appellant is devoid of any substance and merits and reliefs prayed in the present appeal are rejected.

The builder has also claimed that the allegations and issues raised by both petitioners were found to be baseless as Omkar has acted as per legal rules and regulations.

Omkar Group further stated that all matters pertaining to scheme, for clubbing/de-clubbing purpose, are carried out as per legal norms laid out by the state government.

Omkar also spoke on the Rs 450 crore loan from Yes Bank.

The developer has claimed that the bank loan is availed under banking guidelines as project loan against sale collateralsand utilised for the stated purpose only. We will like to emphatically state that there are no diversions of any project fund availed by us in any project of the company.

Finally the developer said, “We will also like to put on record that there is no injunction or any prohibitory order of Competent Court in this matter which in any manner affects the on-going development work related to the scheme and our SRA projects.”

Also Read: Sanjay Dutt Gifts 4 Bandra Flats Worth Rs 26 Cr To

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By Varun Singh

Earlier this month, the real estate industry was abuzz with the news of a deal in Samudra Mahal.

Samudra Mahal in Worli, is known as a building which commands a price that is way above the others immaterial of the market conditions.

A flat on the the 23rd floor of Samudra Mahal was sold in the first week of September. The price at which the flat was sold has caused a bit of stir in the real estate community.

According to sources, the flat that was sold for for Rs 96,776 per square feet. The flat measures 1,706 square feet and the buyer paid Rs 16.51 crore.

The seller is Omega Investment and Properties Ltd, while the buyer is Jai Shankar Krishnan, who already owns a flat on 13th floor of Samudra Mahal

If one sees the previous deals in Samudra Mahal, most of them have made records.

In the year 2010 itself, a flat measuring 1,706 square feet was sold for Rs 18 crore. The per square feet rate worked to Rs 1.07 lakh.

In 2012, another flat was sold in the same building for Rs 1.10 lakh per square feet.

In 2014, Siddharth Yog, founder Chairman of Xander Group bought a flat in Samudra Mahal for Rs 40.45 crore. Yog paid Rs 1.11 lakh per square feet for a flat measuring 3,640 square feet.

Then in 2015 came the most costliest deal that took place in this building. Nandan Nilekani paid Rs 1.29 lakh per square feet. Nilekani bought a 1,750 square feet apartment in the building for Rs 22.5 crore.

The last big deal that this building saw was registered in 2020, where a flat was sold for Rs 1.12 lakh per square feet. This was a flat measuring 3,639 square feet and for that Power firm MD, Pratik Agarwal had paid Rs 41 crore.

Coming back to the September 2020 deal, Omega Investment and Properties Ltd sold the flat to Jai Shankar Krishnan for Rs 16.51 crore.

According to a real estate source aware about the deal, of the entire consideration of Rs 16.51 crore close to Rs 9.09 crore was paid to ICICI Bank by the buyer.

By paying this amount on behalf of the seller, the charge of the bank on the premises was discharged.

The remaining amount was paid to the seller. The sellers also have another flat in the building.

A detailed mail sent to various email ids of Omega Investment and Properties Ltd got us no response. Krishnan didn’t reply to our text messages.

Rajiv Jain, of Ruchika Shelters, a realtor from Worli, says, “In the current market conditions, where there’s a slowdown, discounts like 10 to 15% are in place. The buyer being a part of the building was fully aware about the flat details and hence, probably managed to get the best deal.”

Samudra Mahal was a palace that was owned by the Scindias, the royal family of Gwalior. Later came up there this high-rise which became one of the most sort out address in the city of Mumbai.

Also Read: Top Firm Sells Worli Flat For Rs 6.14 Cr That It Bought For Rs 9.6 Cr Only 9 Months Ago

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By Varun Singh

Whether this is an indication of realty prices crashing, it will be hard to predict. But we have a live example of a top firm in the country that sold a flat at Rs 4.36 crore cheaper than at what it had bought the flat.

The firm is amongst one of top leading firms and a big name in the country’s real estate and construction sector.

Shapoorji Palonji, Development Managers Pvt Ltd, on August 18, sold the flat located in Omkar 1973, Worli for Rs 6.14 crore.

The firm had bought the flat in November 2019, for Rs 9.6 crore from Elvera Realtors Pvt Ltd.

The flat is located on the 67th floor of the high-rise located in Worli. It measures 2606 sq ft.

When Shapoorji Palonji had bought the flat it was above the ready reckoner cost of Rs 9.29 crore and paid Rs 57.63 lakh as stamp duty.

On August 18, when the flat was sold by the firm for Rs 6.14 crore, the ready reckoner cost was Rs 9.01 crore.

The stamp duty paid last week for the registration of the flat Rs 45.10 lakh.

Also Read: Reduce prices to survive or suffer: Goyal to builders

Along with the flat the buyer also received two car parks on the Level P-6 of the high rise.

A detailed email sent to the PR representatives handling Shapoorji Palonji got us no response on why the flat was sold at such less a price.

This won’t be the first case in the recent past, where the flat owner sold the flat at a cheaper price.

Earlier this month, a top builder sold his own flat located in South Mumbai at less too.

The flat sold at lesser price was owned by builder Haresh Mehta of Rohan Lifescapes and his son Manav Mehta.

He sold, the flat for Rs 16 crore, while the ready reckoner rate of the flat itself is Rs 20.78 crore for want of liquidity.

Also Read: Builder Sells SoBO Flat At Less, For Want Of Liquidity

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