MahaRERA Cancels Home Sales Due to Missed Payments

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    MahaRERA, a real estate regulatory authority, has taken a significant step by ordering the cancellation of home sale agreements. This decision comes after a complaint from GERA Developments, a developer based in Pune, regarding homebuyers failing to pay on time.

    Nine homebuyers in Pune had made partial payments (ranging from 10% to 20% of the total price) for flats in Gera Developments’ projects between 2018 and 2020. However, they failed to meet their payment obligations as per the agreed schedule.

    In response, GERA Developments sent notices asking for the outstanding payments. When the homebuyers didn’t comply, the developer approached MahaRERA seeking cancellation of the agreements.

    In August 2023, MahaRERA chairman Ajoy Mehta emphasized the importance of timely payments for ongoing construction projects. He stated that homebuyers are obligated to follow the payment terms outlined in their agreements.

    Mehta directed the homebuyers to sign cancellation deeds within 30 days. While five complied, four did not respond. Consequently, the developer requested MahaRERA to cancel the agreements and remove them from the records.

    In January 2023, MahaRERA ordered the sub-registrar to note the cancellation of agreements between the parties involved.

    Also read: UPRERA Requires Developers to Prove Land Ownership for Project Registration

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