In a landmark decision, MahaRERA has set a clear precedent for homebuyers in the real estate sector. The recent ruling concerning the Ekta Tripolis project in Mumbai underscores that once the occupancy certificate (OC) and formal possession offer are issued, the opportunity to claim compensation or interest for delayed possession is effectively nullified.
Under Section 18 of the Real Estate Regulatory Authority guidelines, homebuyers are entitled to seek interest and compensation when a developer fails to deliver possession by the agreed date. In this case, the developer had committed to providing possession by December 31, 2020. However, due to delays, two homebuyers filed complaints seeking relief. MahaRERA, after a careful review of the case, ruled against their claim because the grievances were raised only after the OC and possession offer had been issued. This procedural timing, as emphasized by MahaRERA, meant that the window for compensation had closed.
The ruling highlights the importance of timely action by buyers. If the complainants had approached MahaRERA before the issuance of the possession offer, their claim might have been considered under the regulatory framework. Additionally, the decision pointed out that by delaying their approach, the buyers not only forfeited their right to compensation but also violated specific regulatory provisions, thereby reinforcing the necessity for strict compliance with contractual timelines.
MahaRERA’s decision serves as a critical reminder for all homebuyers to be proactive and well-informed about their rights and obligations. The case is expected to serve as a benchmark for similar disputes in the future, ensuring that buyers fully understand the repercussions of delaying their claims. Ultimately, the ruling reinforces that prompt communication with regulatory authorities is essential, and any lapse in timely action may result in the loss of compensation benefits, even in instances of developer delays. This decision by MahaRERA further strengthens regulatory compliance and transparency in the real estate market.
Also Read: MahaRERA Update: Guidelines for Homebuyers to Consider Before Investing in Property
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Ans 1. The ruling clarifies that once the Occupancy Certificate (OC) and formal possession offer are issued, homebuyers cannot claim compensation or interest for delays in possession.
Ans 2. Homebuyers must file their complaints before the OC and possession offer are issued; delays in raising grievances result in forfeiting the right to compensation.
Ans 3. It ensures developers remain accountable for delays and contractual breaches by preventing them from using insolvency or procedural delays to avoid penalties, thereby protecting homebuyer rights.
Ans 4. The ruling was based on the case involving the Ekta Tripolis project in Mumbai, where penalties for delayed possession were at issue.
Ans 5. Homebuyers should promptly file their complaints with MahaRERA before the issuance of the OC to ensure they can claim compensation for delays.