In a significant development within the real estate sector, Bharatiya Urban Private Limited, formerly known as Bharatiya City Developers Private Limited, has successfully resolved a long-standing dispute with an allottee through a joint agreement. The settlement was reached before the Karnataka Real Estate Appellate Tribunal, under the provisions of the Real Estate (Regulation and Development) Act, 2016. This article provides an in-depth analysis of the case, examining the background, the settlement process, and its implications for the parties involved.
The dispute centered around a real estate project called "Bhartiya Leela Residences" developed by Bharatiya Urban Private Limited. An allottee, Dr. Avinash DB, raised a complaint, leading to legal proceedings before the Karnataka Real Estate Regulatory Authority (RERA) Authority. Dissatisfied with the order passed by the RERA Authority on September 13, 2022, the appellant, Bharatiya Urban Private Limited, appealed the decision to the Karnataka Real Estate Appellate Tribunal under Section 44 of the RERA Act.
The Settlement Process:
During the appeal proceedings, both parties involved, the appellant/promoter and the allottee, engaged in negotiations to find a mutually agreeable resolution. With the assistance of their respective counsels, they arrived at a comprehensive settlement, which was documented in a Joint Memo. The Joint Memo was subsequently submitted to the Tribunal for consideration.
Terms of the Joint Agreement:
The Joint Memo outlined the terms and conditions agreed upon by the parties. As per the agreement, Bharatiya Urban Private Limited had deposited a sum of Rs. 5,38,26,897/- with the Tribunal at the time of filing the appeal, in compliance with the proviso to Section 43(5) of the RERA Act. Out of this amount, Rs. 4,41,75,000/- would be released to the allottee, Dr. Avinash DB, through a banker's cheque. The remaining balance of Rs. 96,51,897/-, along with any accrued interest, would be refunded to the appellant/promoter. Additionally, the allottee would promptly deposit the cheque amount into their loan account with Canara Bank, Shimogga branch, and return the original agreement of sale to the promoter.
Judicial Confirmation and Disposal of the Appeal:
The terms of the Joint Memo were read out to the parties, and they confirmed their voluntary agreement without any coercion or misrepresentation. Based on this confirmation and the submissions made by the appellant's counsel, the Tribunal disposed of the appeal in accordance with the Joint Memo. The Chairman issued orders for the release of the allotted amounts, refund to the appellant, issuance of certified copies of the order, and compliance with relevant legal procedures.
The resolution of the dispute between Bharatiya Urban Private Limited and the allottee through a joint agreement signifies a positive development in the real estate sector. The successful settlement highlights the effectiveness of alternative dispute resolution methods and the commitment of the parties involved to finding an amicable solution. The case serves as a precedent for promoting timely and fair resolutions within the framework of the Real Estate (Regulation and Development) Act, 2016. This settlement not only brings closure to a prolonged legal battle but also reinforces the importance of open communication and negotiation in resolving real estate disputes.
Note: The information provided in this article about Karnataka Real Estate Regulatory Authority (KRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the APPEAL NO. (K-REAT) 115/2022 before the Maharashtra Real Estate Regulatory Authority
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