MUMBAI: The MahaRera has instructed the promoters of the Kalpataru Yashodhan project in Andheri West to refund over Rs 1.40 crore, along with interest at SBI’s highest Marginal Cost of Lending Rate (MCLR) plus 2%, to a couple who booked a flat worth over Rs 7.12 crore. The couple paid a total of over Rs 1.46 crore in 2017, with possession promised by December 2018.
The couple, Hina and Sanjay Choksi, represented by advocate Dharmendra Damani, argued that the promoters failed to provide possession within the stipulated time and forfeited the entire payment made by them in February 2020, despite having made demand letters from 2017 onwards. Notably, the promoters later sold the same flat to a third party.
MahaRera clarified that anyone allotted an apartment for consideration is classified as an ‘allottee’, regardless of a formal agreement. The attempt to label the Choksis as ‘investors’ lacks supporting evidence, and mere claims of investment intent do not eliminate their statutory protection under RERA. Accepting over 20% of the total consideration without an agreement breaches statutory regulations, rendering the promoters’ claims invalid.
The ruling, issued by member Ravindra Deshpande, emphasized that the promoters forfeited the entire payment without issuing any refund, which is deemed arbitrary, disproportionate, and in violation of RERA regulations. The forfeiture of payments exceeding 10% while the promoter is in breach is considered unconscionable and illegal.
MahaRera further noted that since the flat was sold to a third party, the promoter cannot retain both the buyers’ funds and the resale benefits, as this constitutes unjust enrichment.
