MahaRERA Orders L&T Realty to Refund Homebuyers, Deducting Only 2% for Delayed Possession Claims
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed L&T Realty to refund the amounts paid by two homebuyers who had booked apartments in the Crescent Bay project in Central Mumbai back in 2015, after deducting only 2% of the total consideration. The decision came following the buyers’ withdrawal from the project, citing delays in possession, although L&T maintained that the official completion deadline was set for 2023, not 2019 as the buyers claimed. MahaRERA found no written commitment for a 2019 possession date and noted that the project had secured an Occupation Certificate by January 2022, leading to the rejection of claims for interest or compensation.
In a related case, MahaRERA also ruled that L&T Realty must refund a non-resident Indian (NRI) buyer based in Abu Dhabi who had paid over ₹25 lakh for a flat in another Mumbai project, deducting only 2% of the total amount. L&T Realty responded to the rulings by expressing respect for the regulatory authority’s decisions.
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