MahaRERA Asks Mirabilis’ Builders To Refund Money To 12 Allottees

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Nine allottees will get their payments without interest under the subvention scheme, while three buyers will receive full refunds with interest

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has asked the builders of luxury project Mirabilis in Santacruz, Mumbai, to refund the money paid by 12 allottees who filed a complaint regarding the project’s delay, according to a Times of India report. It added that nine allottees will get their payments without interest under the subvention scheme, while three buyers will receive full refunds with interest.

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The report said the refund amounts are up to Rs 1 crore in each case, totalling over Rs 7 crore.

MahaRERA emphasised on the importance of completing the projects without jeopardising the interest of other buyers, while also acknowledging mitigating cicumstances beyond the builder’s control. The refund will be paid after obtaining the full occupancy certificate by the scheduled possession date of December 30, 2023.

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Last year in October, the Maharashtra Real Estate Regulatory Authority (MahaRERA) also asked home buyers of a delayed project in Mumbai to exit only after the completion. The regulatory body’s decision had come after close to three dozen homebuyers raised a complaint against the developer- Vijay Group- who began this project in 2015.

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The saga began in May 2015, when two homebuyers bought a flat for Rs 1.75 crores under Vijay Group’s Victory Platinum project in Kandivali, Mumbai. They were promised possession by December of that year. However, the deadline was later pushed to March 2016 and then to March 2020. The delay was not agreeable to the buyers, who sought a refund. In 2019, the two entered a memorandum of understanding (MoU) with the developer, who agreed to buy back the flat at Rs 3.15 crores, including interest.