Latest StoriesRegulatory

Court orders Mumbai builder to refund buyer for delayed flat

MUMBAI: The Maharashtra Consumer Disputes Redressal Commission has mandated two builder firms to refund Rs 1.05 crore with interest to a couple for failing to deliver their flat after full payment and selling it to someone else. In a ruling delivered last week, the commission observed that the complainants, having invested their life savings in the Mumbai project, underwent a “prolonged and egregious ordeal lasting over a decade”. The decision was made ex parte, as the builders—Universal Housing & Infrastructure and Universal Construction, along with managers Saquib Shaikh Ahmed Mukadam and Sajid Shaikh Ahmed Mukadam—did not respond to the commission.…

Latest StoriesRegulatory

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…