Bombay high court confirmed an order of the RERA (Real Estate Regulation and Development Act) appellate Tribunal directing a builder to first deposit 100% of the interest to be paid to buyers for delay in handing over flats at a project called Wintergreen in Borivali, as a pre-condition to hearing its appeal. The HC, however, accepting an undertaking by the builder-CCI Projects Pvt Ltd-and gave it 5 months to deposit over Rs 19 crore before the Tribunal, of which Rs 5.5 crore is to be paid in 4 weeks.
The builder said it would in 4 weeks deposit Rs 33 lakh-30% of the Rs 1.1 crore ‘penalty’ to be paid to flat buyers. It will also deposit over Rs 10 lakh towards costs as directed. Failure to meet deadlines will result in dismissal of appeal pending before the tribunal. The company furnished a written undertaking in this regard. The CCI Projects launched Winter Green project in Borivali of Mumbai. But, it failed to handover the custody of apartments within the time stipulated. Therefore, the buyers moved the Maharashtra RERA Appellate Tribunal seeking compensation for the delay in handing over the flats. The Tribunal heard both sides and ruled that the builder should pay interest on their investments. But, the CCI projects challenged the decision in Bombay High Court.
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