scorecardresearch
Follow Us:
Wednesday, July 06, 2022

Violation of RERA order: Realtor refunds only 20 per cent booking amount to home buyer

The company, Oberoi Realty, took 30 per cent of the total cost of two flats from the home buyer. However, according to RERA norms, a builder can take only 10 per cent before registering a flat sale agreement.

Written by Neeraj Tiwari | Mumbai |
February 7, 2019 9:44:56 am
Violation of RERA order: Realtor refunds only 20 per cent booking amount to home buyer The buyer and the builder have been battling it out in RERA, with every order going against the builder, but the builder complying with none. (Representational Image)

Violating a direct order from the Real Estate Regulatory Authority (RERA) asking it to refund the entire booking amount of Rs 1.8 crore to a home buyer, a construction company has refunded only 20 per cent of the amount.

The company, Oberoi Realty, took 30 per cent of the total cost of two flats from the home buyer. However, according to RERA norms, a builder can take only 10 per cent before registering a flat sale agreement.

The RERA order stated that the customer paid Rs 1.8 crore for two flats of Rs 90 lakh each. With the price of the flat quoted by the company at Rs 2.5 crore, this amounts to 30 per cent for each. The RERA directed the developer to refund the full amount within 30 days, but the developer has refunded only Rs 37 lakh so far.

The buyer, Parminder Singh who is the owner of Asset Auto, told The Indian Express that he and his mother had booked two flats and paid three instalments of 10 per cent each in 2015.

Best of Express Premium
UPSC Key-July 6, 2022: Why to read ‘Social Media Intermediaries’ or ‘Hybr...Premium
Apolitical or adversely political: the debate surrounding the partisan na...Premium
As one branch shrivels, the Thackeray tree sees another son bloom: Amit, ...Premium
Funding winter sets in for Indian startups, staff out in the cold: Over 1...Premium

“This was without the agreement for sale which is also against RERA norms. Then after nearly two and a half years, on August 12, 2017, we got a mail from them for registration of agreement for sale. We went to meet them at the site and were shocked that practically no work on the ground was being carried out,” he said.

On the same day, he added, he complained to the construction company.

“They told us that they had promised delivery in March 2021. But seeing the situation on the ground, I was not at all convinced. So, having lost faith, we asked for a refund to which they said they will deduct a fee of 7 per cent on the total value which came to Rs 48 lakh for two flats,” said Parminder.

Since then, Parminder and the builder have been battling it out in RERA, with every order going against the builder, but the builder complying with none.

Oberoi Realty told The Indian Express: “At Oberoi Realty, we are committed to the highest standards of customer service and corporate governance. This matter is subjudice and pending before the RERA Appellate Tribunal, hence we refrain from making any comments on the said matter.

Express Explained Go beyond the news. Understand the headlines with our Explained stories

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest Mumbai News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement