logo
No relief for 6 defaulter flat buyers in Chembur project

No relief for 6 defaulter flat buyers in Chembur project

Time of India04-06-2025
Mumbai: In a recent order, MahaRERA granted no relief to six flat purchasers, stating that since they defaulted on payments, they were not entitled to the relief they sought under the Real Estate (Regulation and Development) Act.
Of the six flat purchasers, five sought a refund of certain amounts they paid as they wished to withdraw from the residential project in Chembur, and one wanted to continue but sought more time to pay. Godrej Developers terminated their bookings by seeking to forfeit the booking amounts.
The allottees challenged the forfeiture and sought a refund under Section 18 of the RERA Act on the grounds of wanting to withdraw from the project.
One of the buyers who filed the complaint before MahaRERA said he wanted to withdraw from the project and sought orders to direct the builder to refund the amount, as due to the Covid pandemic at the time, he was unable to invest huge sums in the project.
All complainants said they suffered financial and personal loss during the Covid-19 pandemic, the effects of which they are facing even today. Advocate Pulkit Agarwal, representing four complainants, argued that they wished to withdraw since the builder served them termination letters, "stating that the entire amount that the complainant paid stands forfeited and the complainants were ordered to return all the documents regarding their units".
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Promoções imperdíveis de voos baratos
Voos | Anúncios de Pesquisa
Saiba Mais
Undo
For Godrej, advocate Abhijeet Mangade argued that the reliefs claimed by individual complainants were not based on any violation or non-compliance of RERA Act by the developer, but the buyers failed to pay on time.
MahaRERA chairperson, Manoj Saunik, in his order, said since the allottees defaulted on their obligations by failing to make remaining payments on time as per the agreement, "the authority finds that the six complainants are not entitled to reliefs under Section 18".
MahaRERA upheld the termination notice sent by the builder to the buyer with whom an agreement was made, but directed a refund of money strictly according to the terms of the agreement to the buyer in 60 days. MahaRERA said it was pertinent to note that under Section 19(6), the allottee is under obligation to make timely payments in the manner prescribed in the agreement. One of the functions of the authority is to ensure compliance with the obligations cast upon the allottees.
The Chembur project got part occupancy certificates in March 2022 and Dec 2023.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Spirit Airlines sounds the alarm on its future ability to stay in business
Spirit Airlines sounds the alarm on its future ability to stay in business

Mint

time13 minutes ago

  • Mint

Spirit Airlines sounds the alarm on its future ability to stay in business

NEW YORK (AP) — Just months after emerging from Chapter 11 bankruptcy, Spirit Airlines is warning about its future ability to stay in business. Spirit Aviation Holdings, the budget carrier's parent company, says it has 'substantial doubt' about its ability to continue as a going concern within the next year — which is accounting-speak for having the resources needed to sustain operations. In a quarterly report issued on Monday, Spirit pointed to 'adverse market conditions" that it's continued to face despite recent restructuring and other efforts to revamp offerings. That includes weak demand for domestic leisure travel, which Spirit said persisted in the second quarter of its fiscal year — among other challenges and 'uncertainties in its business operations' that the Florida-based company expects to continue 'for at least the remainder of 2025.' Known for its no-frills, low-cost flights on a fleet of bright yellow planes, Spirit has struggled to bounce back to profitability and boost resources to compete with rivals since the COVID-19 pandemic. Rising operation costs and mounting debt eventually led the company to seek bankruptcy protection in November. By the time of that Chapter 11 filing, the airline had lost more than $2.5 billion since the start of 2020. When Spirit emerged from bankruptcy protection in March, the company successfully restructured some of its looming debt obligations and secured new financing for future operations. Spirit has continued to make other cost-cutting efforts since — including plans to furlough about 270 pilots and downgrade some 140 captains to first officers in the coming months. Those furloughs and downgrades, both announced in July, are set to go into effect Oct. 1 and Nov. 1 to align with Spirit's 'projected flight volume for 2026,' the company noted in its quarterly report. They also follow previous furloughs and job cuts taken before the company's bankruptcy filing last year. Despite these and other cost-cutting efforts, Spirit on Monday stressed that it needs more liquidity. As a result, the company said it may also sell certain aircraft and real estate. Spirit's aircraft fleet is relatively young, which has made the airline an attractive takeover target over the years. But such buyout attempts from budget rivals like JetBlue and Frontier were unsuccessful both before and during the bankruptcy process. Spirit's shares tumbled more than 40% Tuesday morning, with the company's stock trading at just over $1.80 as of around 11 a.m. ET.

Trump repeats call for Fed rate cut, attacks Powell over $3 billion building renovation
Trump repeats call for Fed rate cut, attacks Powell over $3 billion building renovation

Indian Express

time13 minutes ago

  • Indian Express

Trump repeats call for Fed rate cut, attacks Powell over $3 billion building renovation

US President Donald Trump on Tuesday repeated his demand for the Federal Reserve to lower interest rates and sharply criticised Chair Jerome Powell over a major building project at the central bank. 'Jerome 'Too Late' Powell must NOW lower the rate,' Trump wrote on Truth Social. Trump added that the US economy was performing strongly despite what he called Powell's missteps. 'Fortunately, the economy is sooo good that we've blown through Powell and the complacent Board,' he said. The president said he was considering 'allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings.' Trump claimed the project cost $3 billion, compared with what he said should have been a $50 million refurbishment. 'Not good!' he wrote. NBC News reports that the Fed declined to comment on Trump's post. Powell and the Fed have previously defended the ongoing renovations, saying costs have increased over time for specific reasons. Last month, during Trump's visit to the construction site, Powell responded directly to the president's claim that the work had cost more than $3.1 billion. 'I haven't heard that from anybody,' Powell said, according to NBC News. Trump has been publicly pressuring the Fed for months to sharply reduce interest rates, claiming this would save the US large sums and ease debt burdens. After raising rates in 2022 following the Covid-19 pandemic, the Fed cut them several times in 2024, the last full year of Joe Biden's presidency. Rates have remained unchanged so far in 2025 despite Trump's calls for faster reductions. Powell told Congress in July that the Fed might have eased policy this year if not for Trump's tariff measures. According to NBC News, Fed officials had earlier signalled they expected two rate cuts in total this year. Traders now see a quarter-point cut after the Federal Open Market Committee's September meeting, with growing expectations for further cuts in October and December. Trump, who has repeatedly criticised Powell over monetary policy and other issues, has made lowering the Fed's benchmark rate a key demand.

CBI arrests director of Kolkata-based chit fund firm in Tripura scam
CBI arrests director of Kolkata-based chit fund firm in Tripura scam

Time of India

time28 minutes ago

  • Time of India

CBI arrests director of Kolkata-based chit fund firm in Tripura scam

Guwahati: The Central Bureau of Investigation (CBI) has arrested one of the Directors of a chit fund firm, Kolkata, West Bengal, against whom a Non-Bailable Warrant (NBW) was issued last month by the Special Judge (CBI) in the Tripura chit fund case . The CBI on Monday arrested Partha Samaddar, one of the Directors of the accused chit fund firm M/s Himangini Infracon India Ltd , Kolkata, West Bengal, against whom an NBW was issued by Special Judge (CBI), West Tripura, Agartala on July 22 (2025) in the Tripura chit fund case. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program The accused was not appearing in the trial court during the course of the trial, a CBI statement said. The central probe agency registered the instant case on March 14, 2023. The accused was one of the directors of the accused chit fund firm, which defrauded about Rs 25 lakh of public money (cheating, criminal breach of trust in furtherance of common intention, and fraudulently making default in repayment of deposits on maturity, along with benefits.) by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like After the investigation, a charge sheet was filed by the CBI on September 28, 2024, against the accused. The accused has been produced before the Magistrate Court, Kolkata, and the court has granted a transit remand for three days for producing him before the Special Judge (CBI), West Tripura, Agartala, in the Tripura chit fund case. The trial in the case is continuing. The CBI on February 7 this year arrested three absconding accused from Hyderabad, Hojai (Assam) and Vellore (Tamil Nadu) in connection with the Tripura chit-fund scam case. Live Events The CBI sources had said that Minnatullah Barbhuiya was arrested in Hyderabad, Kamrul Islam Barbhuiya from Hojai (Assam), and Imdadullah Barbhuiya was arrested in Vellore (Tamil Nadu). All three absconding accused are residents of Assam's Hailakandi district. Minnatullah Barbhuiya and Kamrul Islam Barbhuiya are Directors of Kama (Indian) Projects and Services Ltd. The CBI had re-registered a case in pursuance of the notifications issued by the Tripura government and the government of India, by taking over three cases separately filed in West Agartala, Kumarghat and Teliamura police stations in September 2014, March 2013 and August 2012, respectively. Sources said that the central probe agency took over the cases from Tripura Police to investigate the allegations of collection of huge money from the people and the investors assuring huge profit/return of invested money without having any authority from SEBI, RBI and other authorities and thus misappropriated the whole money by operators/management of M/s Kama (India) Projects and Services Ltd. During the investigation, it was revealed that the prime accused persons -- Minnatullah and Kamrul Islam and Imdadullah -- who are the co-accused in criminal conspiracy and in misappropriation of public money, had not joined the investigation in the case to date and were absconding from their last known address and since long. Hence, NBWs (Non-Bailable Warrants) were issued by a Special CBI Court in Agartala to apprehend and secure their presence in the investigation of the case. The CBI on February 3 arrested another accused, Bikash Das, a resident of Assam's Hailakandi district, from Bhiwandi in Maharashtra, in connection with the Tripura chit fund scam case. Das was wanted in two FIRs by the CBI, related to the alleged chit fund scam cases, referred to the CBI by the Tripura government. Special CBI Judge Agartala earlier declared him a proclaimed offender, who had been absconding since 2013, and issued a standing warrant against him on August 16, 2024. The CBI had also announced a cash award of Rs 20,000 for apprehending him. The Tripura High Court last year ordered a scheme to return money to the customers cheated by chit fund companies.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store