Homebuyer gets sale deed 3 yrs after payment

Mumbai: A recent judgment of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has helped a homebuyer get the sale agreement three years after paying the booking amount for the flat. The developer had been denying the agreement and had given only the possession letter to the homebuyer. According to housing experts, the developer is expected to give the sale deed, immediately after payment of 10 per cent of the booking amount.

In this case, homebuyer Dilip Singh Lodha took the developer, Aditya Enterprises, to the RERA court as he had not received the sale agreement since 2015. Mr Lodha had booked five apartments in the developer’s project located in Thane. Housing expert Chandrashekhar Prabhu said, “The developer is bound to give the sale agreement immediately after receiving 10 per cent or more of the booking amount.”

As per the MahaRERA order, “Despite having paid a substantial amount towards consideration price, the respondent (developer) has failed to execute and register agreements for sale.”

The order further read, “The respondent has quoted a consideration price of Rs 34,263,000 for the said three apartments and the principal amount paid by the complainant, along with interest from 2016”