Mumbai: Developer Must Refund Homebuyers for Canceled Flats
MUMBAI: A recent case underscores the challenges homebuyers face with stalled real estate projects. The Maharashtra State Consumer Disputes Redressal Commission (SCDRC) in Mumbai has ordered a developer and its directors to refund over ₹45 lakh plus ₹15 lakh in interest to a couple who had their flat allocation canceled in a Wadala housing project they opted for back in 2014. Sharmistha Ray and Manabendra Nath Ray, residents of Wadala, had initially sought 18% annual interest on their payment but agreed to 9% before the commission, which was the initial rate offered by the developer. The commission found Vijaykamal Properties…