MahaRERA Orders Possession Handover of Flats to IIFL

21 Jan 2025 CW Team

MahaRERA chairman Manoj Saunik instructed the official liquidator to transfer custody of the flats to the promoter to complete construction. Subsequently, the promoter must hand over the completed flats to IIFL, along with an occupancy certificate.

Background of the Dispute The Palais Royale project was acquired by Honest Shelters in 2019 through an auction conducted by Indiabulls Housing Finance. IIFL later acquired the flats from the original buyers via a deed of transfer-cum-assignment after non-fulfillment of mortgage terms.

However, Honest Shelters issued a termination notice to IIFL, citing outstanding dues, including transfer fees. The promoter also sought MahaRERA's directive to execute a cancellation deed for the flats. In response, IIFL filed complaints against the promoter, demanding possession and interest for delayed handover.

Arguments from Both Parties Honest Shelters argued that IIFL failed to provide adequate payment documentation and that the deed of assignment did not confer ownership rights over the flats. The promoter also contended that the flats were acquired before it took over the project.

Conversely, IIFL maintained that the flats were not part of the auction under the SARFAESI Act and that it had validly acquired ownership rights from the original buyers. The finance company further alleged that Honest Shelters failed to honor the sale agreement.

MahaRERA’s Findings MahaRERA concluded that the flats’ original buyers had made full payments, validating IIFL's status as an allottee. The authority determined that Honest Shelters could not substantiate claims of default by the allottees and declared the termination notices invalid. Additionally, the regulator emphasized that possession, along with an occupancy certificate, should have been handed over as per the agreed timeline.

This order underscores MahaRERA’s commitment to safeguarding buyers' rights and addressing delays in the real estate sector.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered Honest Shelters Private Limited to hand over possession of six flats in the Palais Royale project, located in Worli, to India Infoline Finance Limited (IIFL). The directive, issued on January 16, also requires the promoter to pay interest for the delayed possession. MahaRERA chairman Manoj Saunik instructed the official liquidator to transfer custody of the flats to the promoter to complete construction. Subsequently, the promoter must hand over the completed flats to IIFL, along with an occupancy certificate. Background of the Dispute The Palais Royale project was acquired by Honest Shelters in 2019 through an auction conducted by Indiabulls Housing Finance. IIFL later acquired the flats from the original buyers via a deed of transfer-cum-assignment after non-fulfillment of mortgage terms. However, Honest Shelters issued a termination notice to IIFL, citing outstanding dues, including transfer fees. The promoter also sought MahaRERA's directive to execute a cancellation deed for the flats. In response, IIFL filed complaints against the promoter, demanding possession and interest for delayed handover. Arguments from Both Parties Honest Shelters argued that IIFL failed to provide adequate payment documentation and that the deed of assignment did not confer ownership rights over the flats. The promoter also contended that the flats were acquired before it took over the project. Conversely, IIFL maintained that the flats were not part of the auction under the SARFAESI Act and that it had validly acquired ownership rights from the original buyers. The finance company further alleged that Honest Shelters failed to honor the sale agreement. MahaRERA’s Findings MahaRERA concluded that the flats’ original buyers had made full payments, validating IIFL's status as an allottee. The authority determined that Honest Shelters could not substantiate claims of default by the allottees and declared the termination notices invalid. Additionally, the regulator emphasized that possession, along with an occupancy certificate, should have been handed over as per the agreed timeline. This order underscores MahaRERA’s commitment to safeguarding buyers' rights and addressing delays in the real estate sector.

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