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

The post Omkar Sells 9 Flats Worth ₹131 Crore To A Buyer appeared first on Square Feat India.