MahaRERA directs Raymond to deduct 2% on flat cancellation

27 Nov 2023 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has instructed Raymond to deduct a mere 2% from the overall consideration of a flat without charging any interest. This directive comes after the developer seized the entire sum of approximately Rs 6 lakh that a couple had paid following the cancellation of their booking. The basis for this decision is a recent MahaRERA circular, which specifies that a promoter can only forfeit 2% of the amount in the event of a booking cancellation by an allottee.

The couple, who had initially booked a flat in Ten X Habitat, Raymond Realty Tower C situated at J K Gram in Thane, for a total consideration of about Rs 10.2 million, had paid over Rs 6 lakh to the developer. Upon opting to cancel the booking and requesting a refund, the developer forfeited the Rs 6 lakh paid by the couple.

The couple, both doctors, had made the reservation in May 2019 while working in the UK and decided to cancel it in August 2019 due to personal reasons. The developer, however, claimed the right to forfeit 10% of the total sum, citing the terms of the booking application form. In response, the couple, represented by advocate Sunil Kewalramani, approached MahaRERA to seek a refund of the amount paid along with additional costs and compensation.

In the order, MahaRERA member Mahesh Pathak stated that the developer's forfeiture of the entire amount was neither legal nor appropriate according to the provisions of RERA.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..