The case involves a dispute between the developer and homebuyers, Mr. and Mrs. Amar Ochani. The MahaRERA had issued a first order against the developer on July 4, 2022. The developer stated they were not officially informed of this order and only found out about it from the MahaRERA website on August 18, 2022.

Instead of filing an immediate appeal, the developer filed a review application on December 6, 2022. This review was decided on November 8, 2024, but the developer claimed they were again not officially notified, learning of the decision on November 30, 2024, through a letter from the homebuyers’ lawyer.

The developer’s appeal was eventually filed on February 25, 2025. The homebuyers argued that this was a tactic to prolong the case and that the developer had failed to provide a sufficient reason for the delay. They pointed out that the review application itself was filed with a delay of 109 days, while the mandatory period for review is 45 days.

However, the Tribunal accepted the developer’s reasoning, concluding that the developer had acted with “bonafide intent” and pursued a “lawful remedy available under the RERA Act” by filing the review application. The court decided that the time spent on the review—from December 6, 2022, to November 30, 2024—should not be counted against the appeal’s limitation period.

The Tribunal’s decision was based on the principle of providing “substantial justice” and avoiding a “pedantic approach” to every day of delay. It determined there was no evidence of negligence or “dilatory tactics” on the part of the developer.

As a condition of allowing the appeal, the Tribunal ordered the developer to pay a cost of ₹10,000 to the homebuyers within two weeks. This payment is a “condition precedent” for the order to stand.

This ruling means that while the homebuyers will receive a small compensation for the delay, the legal battle will continue, as the developer’s appeal will now be decided on its merits.

Also Read: MahaRERA Appellate Tribunal Orders Developer to Refund Buyers, Rejects Cancellation Fee

The post Delay Excused: Developer’s Appeal Against MahaRERA to Proceed appeared first on Square Feat India.

With a clear vision of bringing holistic development of the real estate sector across Maharashtra, Mr. Runwal aims to work closely with the Government bodies, to ensure success of ‘Housing For All’ initiative that aims to promote affordable housing in our country. Mr. Runwal shall be playing a massive role in streamlining the governmental processes to ensure timely delivery of homes by the developers to the buyers. His constant effort would be towards making the home loan available to all income groups so that no person is deprived of buying their dream home. He will also focus on the formation of new chapters, to expand the presence of NAREDCO across Maharashtra. His aim is to build trust between the customers and the developers by enhancing transparency, efficiency, and effectiveness in the sector.

Sandeep Runwal, President, NAREDCO Maharashtra said that “With the support from the Government, NAREDCO Maharashtra would create a demand recovery that will push housing sales; particularly in the affordable segment that will drive the ‘HousingForAll’ momentum. Taking over this baton, I will try and undertake various aggressive development measures and make my maximum contribution in strengthening the industry’s role in the economic development of the country. With the same zeal, my priority would be to revive the country’s major real estate market of Maharashtra and implement novel ideas to bring positive changes among the customers’ behaviour towards the sector.’’

Sandeep Runwal is the Managing Director of Runwal Group and spearheads the group across a portfolio of residential, commercial and organized retail. An alumnus of Harvard Business School and IIM Bangalore, he has led the organisation with a consistent emphasis on quality, execution, and timely delivery for over 30 years. He’s been awarded ‘Young Turks’ by CNBC TV 18 and ‘Lords of the Land’ in his career profile.

Welcoming Shri Sandeep Runwal in his new role, Dr Niranjan Hiranandani, National Vice Chairman, NAREDCO and Chairman & Managing Director of Hiranandani Communities, said, “With the cooperation from the Government authorities and officials, NAREDCO Maharashtra has been able to achieve a certain milestone despite the pandemic scenario. We are rest assured that Shri Sandeep Runwal’s invaluable guidance will bring progressive change for the real estate’s overall growth and development in the state.’’

Rajan Bandelkar, National President of NAREDCO and Convener, Housingforall.com welcomed Sandeep Runwal in a new role. He said, “We are extremely grateful to all the members of NAREDCO Maharashtra, who has contributed their efforts in initiating reforms such as ease-of-doing business, support for HousingForAll initiative, zero percent stamp duty, community development activities, etc. with the support from the Government authorities and officials. Now, Shri Sandeep Runwal taking the leadership forward, his long-drawn knowledge and experience in the real estate sector would help in taking up further great initiatives that will impact the growth of the sector in this region.”

National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Affairs, Govt. of India. It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector.

Also Read: Homebuyers here’s some bad news for you

The post Sandeep Runwal takes charge as the new NAREDCO Maharashtra President appeared first on Square Feat India.

By Varun Singh

A big ticket real estate deal took place recently in Mumbai’s Napean Sea Road. It is the same area which has seen several expensive real estate deals taking place in the past.

The flat measures 5,165 square feet and to register the deal, a stamp duty of Rs 3.05 crore was paid.

While the doucmentation in regards to the registration was carried out on August 31, the real estate deal was registered on September 7.

Napean Sea Road houses the who’s who of India’s buisness sector, most of the big businessmen of the nation own a house in the area or the vicinity.

A real estate deal in Napean Sea Road always catches the eye of the industry as it does end of up setting some sort of record.

Recently one more deal took place in the area, of which the consideration is a huge amount.

The flat sold is located on the 20th floor (10th habitable floor) of the building named The Residence.

According to documents made available to SquareFeatIndia by Indextap.com, the flat measuring 5,165 square foot (RERA carpet) was sold for a total consideration of Rs 61.11 crore. The buyer as per the document is Ashish Goel

When calculated based on the per square feet rate, the cost of the apartment goes to Rs 1.18 lakh.

Along with he new apartment, the owners will also have access to 4 car parks in the building.

Some Big ticket deals

• Jiten Doshi and Hetal Doshi, Jiten a reputed and well known name in the Capital Markets had bought a flat for Rs 61 crore in 33 South, Peddar Road, the per square feet rate was Rs 1.66 lakh. This deal took place in February.
• Business tycoon Anurang Jain bought an apartment in Carmichael Residencies in 2020 for Rs 1.56 lakh per square feet.
• The Daftary’s bought an apartment in 2020 in Carmichael Residencies for Rs 1.58 lakh per square feet.
• The Motilal Oswal Family Trust paid Rs 1.48 lakh per square feet in 33 South, Peddar Road in 2020.
• Sadbhav Land Pvt Ltd’s Arjun Betkekar paid Rs 1.13 lakh per square feet for a flat in Carmichael Residencies in January 2021

Also Read: Sunny Leone Buys Andheri Flat For Rs 16 Crore

The post Stamp Duty Paid for Napean Sea Flat is Rs 3 Crore, Imagine its Cost appeared first on Square Feat India.