[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Indian real estate news to share with you which is as undermentioned.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Unmesh Joshi-promoted Kohinoor Developers to pay simple interest at rate of 10.55 per cent on a home buyer’s investment of Rs 1.25 crore fr om January 1, 2017 for every month of delayed possession.
MahaRERA member Bhalchandra Kapadnis also imposed a penalty of Rs one lakh on the developer for violating section 13 of Real Estate (Regulation and Development) Act by not registering an agreement for sale despite the buyer paying 87 per cent of the flat cost.
The Authority also directed the developer to execute a registered agreement for sale in consonance with the terms and conditions in the allotment letter with a mutually agreed date of possession.
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