In a significant ruling by the Karnataka Real Estate Appellate Tribunal, a homebuyer, Mr. Mahesh Sudhakaran, is set to receive a refund of Rs. 42 lakhs in the Glen Classic Project case. The dispute arose when the developer, Antevorta Developers Pvt Ltd, failed to deliver possession of the apartment within the agreed timeframe. This article provides an in-depth analysis of the case, the legal proceedings, and the ultimate settlement that secured the substantial refund for the aggrieved homebuyer.
Background of the Case:
The Glen Classic Project, situated in the House of Hiranandani, Hebbal, Bangalore, was being developed by Antevorta Developers Pvt Ltd. Mr. Mahesh Sudhakaran, the appellant, had booked Apartment No. 1104, 11th Floor, C Block of the project. As per the agreement between the appellant and the developer, possession of the apartment was to be delivered within 46 months, with an additional grace period of six months.
Filing of Complaint and RERA's Decision:
Due to the developer's failure to complete the project within the stipulated timeframe, Mr. Mahesh Sudhakaran filed a complaint with the Karnataka Real Estate Regulatory Authority (RERA), seeking a refund of the amount paid with interest. After considering the arguments and examining the records, RERA dismissed the complaint, prompting the appellant to file an appeal before the Karnataka Real Estate Appellate Tribunal.
The Appeal and Settlement:
During the appeal process, the appellant and the respondent, Antevorta Developers Pvt Ltd, reached a settlement agreement, which was recorded in a Joint Memo of Settlement. The terms of the settlement were read out to the parties, who confirmed their agreement, stating that the settlement was entered into willingly and without coercion.
According to the Joint Memo of Settlement, the developer agreed to pay Rs. 42,09,377.26 (Rupees Forty-Two Lakhs Nine Thousand Three Hundred Seventy-Seven and Twenty-Six Paise) to the appellant as a full and final settlement of the refund amount with interest, as ordered by RERA. Additionally, the appellant agreed to hand over all original documents related to the apartment and execute a deed of cancellation.
Tribunal's Decision and Implementation:
Taking into account the settlement agreement, the Karnataka Real Estate Appellate Tribunal disposed of the appeal. The Joint Memo of Settlement was treated as part of the order. Both parties were instructed to fulfill their respective obligations as outlined in the settlement, thereby avoiding further litigation. The registry was directed to comply with the relevant provisions of the Real Estate (Regulation and Development) Act, 2016 and return the records to RERA if received.
The Karnataka Real Estate Appellate Tribunal's decision in the Glen Classic Project case marks a significant victory for homebuyers. Through the legal process, Mr. Mahesh Sudhakaran was able to secure a refund of Rs. 42 lakhs, bringing an end to the dispute. This ruling highlights the importance of consumer protection and accountability within the real estate sector, ensuring that developers adhere to agreed-upon timelines and deliver quality projects as promised.
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) 109/2022 before the Karnataka Real Estate Regulatory Authority
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