Rights of investors as homebuyers valid: Maharashtra RERA

Mumbai: In a landmark ruling, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has refused to differentiate between an investor in a housing project and a homebuyer and has directed a developer to honour contractual obligations.

The ruling is expected to set a precedent for all such matters arising from the refusal of developers to acknowledge the rights of investors as homebuyers that are pending before consumer forums, other state RERA authorities and courts. In this case, Kamal Agrawal and Babita Agrawal approached the MahaRERA against realty developer Sakla Enterprises.

They asked the regulator to direct the builder to execute the registered agreement for sale with them and to hand over possession too. The Agrawal family had booked five apartments in the developer’s project Sagar Complex in Boisar near Mumbai, paying Rs 15 lakh for each flat. According to the regulator, the complainants had invested their money in the project and therefore their rights needed to be protected and the developer is expected to abide by the contract.