Raymond to deduct 2% on flat cancellation

30 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.

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..